• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Saturday, January 28, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Taliban bans cryptos in Afghanistan, shuts down crypto businesses

August 29, 2022
in Crypto News
Reading Time: 3 mins read
A A
ShareShareShareShareShare

Related articles

Lawyer Predicts Grayscale’s Win Against The SEC In Supreme Court

January 28, 2023

NFT Collection Laid Back Llamas Collection Price, Stats, and Revi…

January 27, 2023

  • The militant group considers digital assets such as Bitcoin as fraud.
  • Shut down of crypto-related businesses is highest in Herat, Afghanistan’s third largest city.

The Popular militant group, the Taliban, has outlawed digital currencies in Afghanistan. It has also started arresting any group or persons involved in crypto trading. A recent Bloomberg report revealed that the nation’s apex bank issued a clamp down on cryptos earlier this month. The militant group claims that Bitcoin and other digital assets are frauds.

The Bloomberg report further revealed that the clamp down started in Herat, the third biggest city in the country. Many Afghans have invested in cryptos to protect their wealth and keep it out of the militant group’s reach. Thus, it is no surprise that Afghanistan ranks among the top 20 nations to adopt digital assets. The latest data from multiple sources state that the authorities have arrested 13 persons and shut down over 20 crypto-related firms in Herat alone.

Rising crypto adoption in Afghanistan

Earlier in the year, the popular news media outlet, British Broadcasting Corporation (BBC), reported that crypto adoption continues to spike rapidly in Afghanistan following a takeover by the Taliban. Since this takeover, many Afghanistan banks have failed, the US has sanctioned the nation, and foreign aid and cash transfers are drying up daily.

Also, part of the sanctions means that the country is no longer in the global banking system. Hence, many Afghans started investing massively in cryptos as a rescue option. The US stopped transfers of US dollars to Afghan’s apex bank and seized $7.1 billion in assets from this bank. Also, France and Poland-based firms with contracts to print Afghan currency stopped shipments following the start of the new regime in Afghanistan.

The Bloomberg report further revealed that the ensuing liquidity crisis restricted commercial banks from lending money. Even retail customers couldn’t have access to their money. Three months ago, the Taliban regime also banned foreign exchange trading. Thus, creating additional pressure on the nation’s fragile economy. The crypto ban also means that many firms using crypto as a means of helping impoverished Afghans would no longer be able to do so.

Related: Afghanistan has plunged into chaos – here’s how Bitcoin is offering hope

One such firm is Visualize Value, owned by Jack Butcher. Butcher has been using sales from his care package NFT series to cater to the emergency needs of at least one family monthly. According to the United Nations refugee agency, at least 500,000 Afghans dont have access to essential commodities, particularly food, water, and shelter. Hence, it is safe to say that many more Afghans would struggle to meet their essential daily needs for some time.

Other Muslim nations’ crypto stance

Some religious experts explained that the Taliban outlawed crypto because it has gambling and uncertainty attributes, which is sinful according to Muslim laws. However, some other Muslim nations hold a tolerant stance towards digital assets. For instance, Bahrain and the United Arab Emirates (through its Dubai free trade zone) allow crypto trading. Afghanistan joins China and a few other nations that have banned crypto-related transactions.


Credit: Source link

ShareTweetSendPinShare
Previous Post

MAS to impose crypto trading suitability tests

Next Post

8 Pro Tips for NFT Creators and Investors

Related Posts

Lawyer Predicts Grayscale’s Win Against The SEC In Supreme Court

January 28, 2023

Grayscale Investments, a crypto asset management company, is preparing for a prolonged legal battle with the Securities and Exchange Commission...

NFT Collection Laid Back Llamas Collection Price, Stats, and Revi…

January 27, 2023

7,000 Laid Back Llamas have taken over the digital mountains of the Metaverse. Every Llama is unique with different fur...

Developer confirms billions of SHIB will be burned with Shibarium

January 27, 2023

Amid the tanking SHIB burn rate, lead developer Shytoshi Kusama assures an uptick in burn rate with the Shibarium release....

Global Digital Cluster Coin (GDCC) Is Now Available on LBank…

January 27, 2023

INTERNET CITY, DUBAI, 27th January, 2023, ChainwireLBank Exchange, a global digital asset trading platform, listed Global Digital Cluster Coin (GDCC)...

XRP Price May Hit $0.54 in Coming Month and End the Q1 2023 Trade above $1!

January 27, 2023

As the foundations for a significant rebound have emerged, the markets appear to have stuck in some crucial levels. However,...

Load More
Next Post

8 Pro Tips for NFT Creators and Investors

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Ancient Bitcoin Block Rewards See Decrease in Spending After Record Activity in 2020 and 2021 – Bitcoin News

January 2, 2023

Hackers Hijack RobinHood Twitter To Push Scam Crypto Coin

January 26, 2023

Feature Film Mints Every Frame into a Non-Fungible Token (NFT) – Blockchain News, Opinion, TV and Jobs

January 19, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Goldman Sachs Ranks Bitcoin Best Performing Asset so Far This Year – Markets and Prices Bitcoin News
  • New York introduces bill to legalize crypto payments for state purposes
  • Lawyer Predicts Grayscale’s Win Against The SEC In Supreme Court

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$23,122.001.36%
  • ethereumEthereum(ETH)$1,598.361.66%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.000.03%
  • usd-coinUSD Coin(USDC)$1.000.24%
  • binancecoinBNB(BNB)$307.821.83%
  • rippleXRP(XRP)$0.4124801.71%
  • binance-usdBinance USD(BUSD)$1.000.01%
  • cardanoCardano(ADA)$0.3907604.59%
  • dogecoinDogecoin(DOGE)$0.0878923.54%
  • matic-networkPolygon(MATIC)$1.156.49%
  • okbOKB(OKB)$37.906.20%
  • solanaSolana(SOL)$24.523.12%
  • staked-etherLido Staked Ether(STETH)$1,593.081.54%
  • polkadotPolkadot(DOT)$6.593.59%
  • shiba-inuShiba Inu(SHIB)$0.0000123.12%
  • avalanche-2Avalanche(AVAX)$20.9317.38%
  • litecoinLitecoin(LTC)$88.562.28%
  • tronTRON(TRX)$0.0631902.65%
  • uniswapUniswap(UNI)$6.833.20%
  • daiDai(DAI)$1.000.01%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,090.001.53%
  • cosmosCosmos Hub(ATOM)$13.716.19%
  • ToncoinToncoin(TON)$2.567.44%
  • leo-tokenLEO Token(LEO)$3.987.09%
  • chainlinkChainlink(LINK)$7.445.29%
  • moneroMonero(XMR)$180.226.35%
  • ethereum-classicEthereum Classic(ETC)$22.012.83%
  • AptosAptos(APT)$18.112.11%
  • bitcoin-cashBitcoin Cash(BCH)$134.140.76%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.0933552.58%
  • apecoinApeCoin(APE)$6.314.86%
  • quant-networkQuant(QNT)$152.023.39%
  • nearNEAR Protocol(NEAR)$2.585.08%
  • crypto-com-chainCronos(CRO)$0.0820793.48%
  • filecoinFilecoin(FIL)$5.452.31%
  • lido-daoLido DAO(LDO)$2.394.83%
  • algorandAlgorand(ALGO)$0.2618738.11%
  • vechainVeChain(VET)$0.0247795.60%
  • hedera-hashgraphHedera(HBAR)$0.0691674.57%
  • internet-computerInternet Computer(ICP)$6.025.55%
  • axie-infinityAxie Infinity(AXS)$11.712.93%
  • decentralandDecentraland(MANA)$0.729.70%
  • aaveAave(AAVE)$87.330.98%
  • the-sandboxThe Sandbox(SAND)$0.777.64%
  • eosEOS(EOS)$1.111.30%
  • fantomFantom(FTM)$0.468760-4.34%
  • flowFlow(FLOW)$1.124.38%
  • theta-tokenTheta Network(THETA)$1.117.32%