With the Taliban taking over power in most of the country, citizens in it’s capital Kabul
who are in distress and trying to flee from the city, went into the banks to withdraw
their savings only to hit a brick wall as banks are running short of cash, intense
restrictions and a devaluing local currency. But with the hopes of Afghans dashed by
the banks its citizens now turn to cryptocurrencies as Afghans are now resorting
to bitcoin for storing their wealth and as a means of exchange.
“A nation-wide cash shortage, closed borders, a local currency touching record lows, and rapidly rising prices of basic goods; that’s why some Afghans I spoke to are
turning to cryptocurrencies like bitcoin,” said Mackenzie Sigalos from CNBC.
Cryptocurrencies have been the most sought-after solution, given their digital nature,
for those who seek some monetary sovereignty to flee the country, according to CNBC and data from Chainalysis. Some Afghans have chosen to adopt bitcoin to safeguard their money, build and preserve wealth, and achieve high sovereignty to flee the country with their savings. Others have been gambling on cryptocurrencies, desperately seeking to increase their income during Afghanistan’s current crisis.
However, the limited access to the internet and frequent power outages has been a challenge for Afghans who seem to adopt cryptocurrency as a means of preserve their wealth during this crisis that have rocked the nation and resulted in rapidly rising prices of basic commodities and the devaluation of her local currency. But despite these challenges Afghans are bent on preserving their wealth and those seek to flee the country resort to bitcoin as fast and more convenient means to move money across borders.
Nevertheless, Afghans are taking advantage of cryptocurrency’s decentralized nature and getting up to speed with bitcoin, converting traditional currency into cryptocurrency as they are denied access to their savings due to shortage of cash in banks. It’s only a matter of time before bitcoin and other cryptocurrencies are seen globally as a better preserve for value and increase in purchasing power than traditional currencies. Bitcoin is the definitive answer to help secure financial sovereignty and preserve wealth for generations to come.