MacKenzie Sigalos, a tech expert, shares moving stories about what it’s like to be a young Bitcoiner in Afghanistan right now.
For those who don’t have access to a bank
Mr. Sigalos told the stories of Afghan cryptocurrency enthusiasts. Farhan Hotak, the first of her speakers, is a trader and vlogger who views Bitcoin (BTC) and cryptocurrency as a way to gain access to both a reliable money transfer instrument and a way out of poverty.
As the national currency spirals, Mr. Hotak claims that digital currencies are his only hedge against inflation:
I have a finite amount of resources with which to accomplish anything. I’m interested in the crypto industry because I’ve made a lot of money and believe I have a lot of potential to go even further.
As Taliban fighters retake control of Afghanistan’s territory following NATO troop withdrawal, the majority of banks are running out of cash.
Many expats are unable to send money to their families in Afghanistan because Western Union has stopped all transactions to and from the country. These restrictions are accompanied by a rapid increase in price.
According to the Google Trends monitoring service, interest in crypto and Bitcoin (BTC) reached an all-time high during this unprecedented crisis.
It’s possible that the crypto community will grow invisibly.
As the Taliban establishes new governance and public institutions, Afghan crypto enthusiasts prefer to operate in the shadows; they aren’t even connected to one another.
Afghanistan, on the other hand, has the highest Chainalysis statistic of the Crypto Adoption Index of all Central Asian countries. Afghanistan can compete with the likes of the United Kingdom with a level of 0.13. It outperforms every European country, with the exception of Ukraine, by a large margin.
The Digital Citizen Fund, created by two sisters, has been educating Afghans about digital technology, including blockchain, for years. As a result, some Afghans are utilizing cryptocurrency as a hedge against inflation and, more importantly, for retail payments.
Other “early adopters” purchase cryptocurrency with the help of relatives in Gulf countries. At the same time, whether Bitcoin (BTC) and Ethereum (ETH) are mined in Afghanistan remains a mystery.
The Afghani healthcare ministry experimented with a data framework based on the Fantom (FTM) blockchain.