Afghans are taking action in response to the Taliban Takeover and U.S Sanctions!
US sanctions, failing banks, and the drying up of foreign aid and cash transfers since the Taliban takeover have left Afghanistan’s economy in fragments.
Crypto is coming to the rescue!!
Following the Taliban takeover in August last year, 22-year-old Farhan Hotak from the province of Zabul in southern Afghanistan had left with no cash in hand.
So, he took help from crypto. Here is how he took the benefit of digital currency amid the crises.
In addition, Mr. Hotak’s sole source of income became a few hundred dollars of Bitcoin in a virtual wallet. Also, after turning it into a traditional currency, Hotak fled to Pakistan with his family often.
Further, he added, “After the Taliban takeover, crypto spread like wildfire over Afghanistan,” he said. “There is almost no other way to receive money”.
Mr. Hotak and his afghans friends use Binance’s P2P crypto exchange. This p2p exchange allows them to buy and sell their coins directly with other users on the platform.
Moreover, after finding temporary refuge in Pakistan, Mr. Hotak is trading Bitcoin and Ethereum again. He traveled back to Afghanistan, started vlogging, and taught afghans about cryptocurrencies – digital money with no physical form that can have value.
Fans of cryptocurrencies say they are the future of money and will stop people from having to rely on banks. And in Afghanistan, its banks have stopped working, causing Afghans have to turn to cryptocurrency, not just to trade, but to survive.
