A crackdown by the Taliban has led to a collapse in cryptocurrency use in Afghanistan.
A crackdown by the Taliban has led to a collapse in cryptocurrency use in Afghanistan following a surge last year when the nation was cut off from global banking and international aid, according to a study.
The value of crypto received in the country has fallen to an average of less than $80,000 a month since November, down from a peak of more than $150 million in September last year just after the Taliban swept back to power, according to a report by blockchain research firm Chainalysis.
“The Taliban's crackdown has had a massive chilling effect on the country's crypto markets,” according to the report, which added that “crypto dealers are left with three options: flee the country, cease operations, or risk arrest.”
Afghans turned to virtual coins as a lifeline to receive foreign remittances and donations, as well as to shield savings from the Taliban, who were shunned internationally after...
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