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Taliban targets Afghan crypto investors

The Afghan central bank issued a blanket ban on cryptocurrencies last month. Following that ban, the Taliban has now started arresting people and shutting down crypto businesses. Cryptocurrencies were popular in Afghanistan as it provided an opportunity to save securely and send money easily.

All trade is prohibited

According to a new article of Bloomberg, the Taliban regime is currently busily arresting anyone who disobeys central bank orders. “The central bank has ordered us to shut down all exchange offices, individuals and other businessmen still trading crypto,” said Herat police chief Sayed Shah Saadaat.

Herat is the third largest city in Afghanistan and has already lost four of the six Afghan trading platforms. Saadat claims that his police team has shut down 20 crypto businesses and that 13 individuals have been arrested. So it seems very possible to maintain a total ban on Bitcoin or other cryptocurrencies.

The demand was great

if we do this article of Fortune, the demand for crypto was high in Afghanistan before the central bank decided to issue a blanket ban. Crypto offers users an opportunity to store their wealth in absolute scarcity and a way to send money through or even out of the country. Stablecoins in particular were a popular resource in Afghanistan. These coins make it possible to ‘invest’ in relatively stable fiat money such as the US dollar.

Afghanistan has been dealing with severe economic sanctions since 1990. US President Biden’s administration recently issued new sanctions. This took place shortly after the Taliban took over the country again and captured the capital, Kabul. It also frozen more than $7 billion in Afghan central bank assets held by the Federal Reserve in New York.

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