The Taliban’s takeover of Afghanistan has had a “massive chilling effect” on the local cryptocurrency market, bringing it to an effective “standstill,” according to a recent report.
Blockchain analytics firm Chainalysis in an Oct. 5 report stated the Middle East and North Africa (MENA) region saw the largest crypto market growth in 2022 but noted that Afghani crypto dealers had three options: “flee the country, cease operations, or risk arrest.”
The report states after the Taliban seized power in August 2021, crypto value received in August and September that year spiked to a peak of over $150 million, then fell sharply the following month.
Before the takeover, Afghani citizens would on average receive $68 million per month in crypto value mainly used for remittances. That figure has now dropped to less than $80,000 post takeover.
Afghanistan was 20th place in Chainalysis’ 2021 crypto adoption index released in October 2021, but now is at the bottom of the list following the Taliban...
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