Crypto investment skyrockets in Afghanistan due to economic crisis

Sun 29 Aug 2021 ▪ 16h49 ▪ 2 min read — by James Taylor

The Afghan crisis is getting worse and worse every day. The country is war-torn after the Taliban’s rapid takeover. Nevertheless, according to the Chainalysis report, crypto investment in Afghanistan has surged over the last year.

With the fall of the government, the people face new financial difficulties and begin to turn towards the crypto market. As businesses close, tens of thousands of Afghans are desperately trying to flee the country. According to experts, the misuse of digital assets may push Afghanistan to become a springboard for illegal (terrorist) activities in the digital space.

Cryptocurrencies to the rescue

During 2021, crypto investments in Afghanistan increased tenfold. Experts believe it has to do with the growing sense of fear and paranoia among citizens. In July, the most popular words searched by Afghan people on the web were “crypto” and “Bitcoin”, according to Google Trends.

A change of heart

Fortunately, multiple non-profit organisations are doing everything possible to help the refugees. Currently, they have assisted about 20,000 people. This is where the importance of cryptocurrencies comes into play. To raise enough funds for rehoming Afghan families, organisations currently accept Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies.

Let’s not forget that in June 2021, the UN stated that the COVID-19 pandemic had empowered terrorist groups to raise funds via online sources, including cryptocurrency.

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James Taylor

Trends are temporary. The blockchain isn’t a trend; it’s the future. I want to help as many people as possible understand it in a simple, clear and interesting way.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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