Media Reports Claim That Afghanistan’s Locals Are Turning To Cryptocurrencies

As the Taliban are constantly strengthening their control over Afghanistan, the financial aspect of the country undergoes a grand crisis. Cryptocurrency is generally described as a regular means for tackling the rising economic turmoil, and a recent instance is Venezuela seeing a dynamic effect of this method. Although reports suggest that Afghan locals are progressively adopting crypto to confront the economic imbalance, other statistics claim that the citizens will continue to struggle daily. Keeping this in view, does crypto adoption of Afghanistan seems as dominant as media states?

Afghanistan engulfed by an Economic disaster

The worldwide community is nervous about the Taliban’s abrupt renaissance in Afghanistan. Chaos is the prevalent narrative that is manifested in hurried inflation in the prices of necessities, a tumbling currency, and cash shortages. India Today reported that some Afghans had adopted crypto for shielding themselves from this political and economic crisis. They are of the view that the borderless and undying nature of crypto attracts the locals to protect their wealth. Because crypto investment is a completely innovative concept for Afghans, a lot of them saw the crisis in advance.

Reports figure out that the majority of the Afghans could feel the upcoming takeover of the Taliban along with the economic crisis. That was the point from where they began their investment in cryptocurrencies, and thus the crypto became most famous in Afghanistan. According to the reports of CNBC, cryptocurrencies have become the lifeline for the Afghans who were unable to acquire cash because of ATM and bank terminations. (a platform for P2P trading) quitted Afghanistan in 2020’s January.

However, a report by Chainalysis (a data analysis providing company) ranked Afghanistan at 20th position in its index of global adoption. They describe that their procedures go beyond the data of exchange volume as it alters the data in favour of developed countries. Rather, they planned to figure out the adoption by ordinary people.

Crypto is not bridging the gap in Afghanistan

Most recently, Google Trends showed that the searches about the term ‘Bitcoin’ were zero in Afghanistan. Nonetheless, the projected searches regarding the next time frame point towards a solid increase of up to 36%. People acquainted with Afghanistan draw the picture of an underdeveloped country. One of the Reddit posters describes that the illiteracy rate of the country is approximately 98%.

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