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Crypto advocates Mike Novogratz and Charles Hoskinson believe that cryptocurrencies could have eased the financial crisis in Afghanistan. After the Taliban invasion, locals and foreigners attempted to exit the country only to find their accounts under Taliban control.
The situation proved that safe banking control and central governments take away financial freedom. Novogratz, in a recent investor call, warned of a foreseen wealth confiscation. He offered Bitcoin as a solution considering its decentralized nature.
Charles Hoskinson also called an end to current-day traditional financial regimes. With the global attention focused on the situation in Afghanistan, most cryptocurrency advocates believe crypto coins are the answer. However, other crypto enthusiasts share a different opinion in that governments require tax money to run nations.
Established Bitcoin Advantage in Afghanistan
CNBC spoke to crypto users in Afghanistan to establish how different their situation was. Farhan Hotak, a 22-year-old Afghan, used crypto to flee his family of ten from Zabul, southern Afghanistan, to the Pakistani border. His country relies mostly on the cash economy, and that could lead to difficulties for crypto users.
Bitcoin maximalists believe that Cryptocurrency would have given Afghani citizens a hedge over the Taliban. Many have noted that cash and bank savings are not secure for how quickly they fell for Taliban dominance. According to experts, the use of Bitcoin and altcoins would have made funding wars difficult.
As noted by Farhan, Afghanistan does not have supporting amenities for Crypto to thrive; the only hope lies for those who fled the country for Asylum. Once out of Afghanistan, crypto users with a secure password and digital wallets can access Bitcoin and exchange services.
A Taliban survivor, who fled Kabul in 2000, said that crypto wouldn’t have saved many people. That’s because of the high cost of living in Afghanistan. However, events reveal the crypto economy has given many a fighting chance.
Adopting Decentralized Finance
In a financial crisis like that in Afghanistan, crypto coins would benefit the citizens. For instance, terrorists wouldn’t be able to confiscate wealth and control from the population. Experts report that decentralized finance could be the solution for future dictatorial leadership.
In the middle of a financial crisis, Afghanistan has witnessed an increase in cryptocurrency investment. Since the takeover, reports suggest the country has been ranking in the top-20 of global adoption rates for crypto. In July, Google trends noted that the most searched words in Afghanistan were “Crypto” and “Bitcoin.”