Afghans to Use Crypto to Counter US Sanctions

The Taliban have been able to drive out the US-approved government officials and take over the country within a matter of weeks after the US Army evacuated the country after 3 decades. One of the biggest issues facing the country is the lack of industry and work for the common people. To make matters worse, the government of the USA has also imposed a series of financial sanctions on the country to retaliate against the Taliban government.

Farhan Hotik was a multinational journalist who was left behind in the capital city of Kabul after the US army evacuated the country. Hotik reported later on that he was penniless and had no way to access his bank accounts. However, he later revealed that he was able to flee from the country with the help of a few Bitcoins left in his possession. He is now residing in Pakistan with 10 siblings.

A newly independent country like Afghanistan is facing many financial issues already. Under harsh circumstances, people have no choice but to take refuge in cryptocurrencies. Hotik told the media that he has been teaching more people about cryptocurrencies and their benefits. He further claimed that he has been working alongside his friends at Binance exchange.

The group is spreading information about the decentralized and P2P trading network that will allow the people to gain some financial relief amidst the harsh US sanctions. Another major reason for the economic demise of the country came in the form of a banking sector collapse that was unable to sustain the pressure from the US and stopped operating altogether.

Trading Volume of Cryptocurrencies in Afghanistan is Increasing

The latest cryptocurrency trading volume histogram for Kabul, Afghanistan suggests that it has been increasing consistently since last year in July. Thus far, the US authorities have seized around $7.1 billion worth of assets that belonged to the Afghan people. The only thing left behind is a barrage of weapons by the US army that will entice more violence and instability in the region.

The International interbank Financial network Swift has also rejected all its operations and business projects in Afghanistan at the behest of the US government. As a result, the country is suffering from such a massive liquidity crisis that the people are unable to withdraw money from their bank accounts or apply for loans. Kakkar recently reported that around 22.8 million Afghani people are looking at starvation and one million children might not make it past winter.

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