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Crypto coming to the rescue in Afghanistan

Published

4 years ago

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US sanctions, failing banks, and the drying up of foreign aid and cash transfers has left Afghanistan’s economy in tatters – but, crypto is coming to the rescue

Following the Taliban’s takeover in August last year, younger people are turning to virtual wallets.

As the nation’s banks have stopped working, people causing turning to cryptocurrency not just to trade, but to survive.

Crypto fans say they are the future of money and will stop people having to rely on banks.

Google data shows that web searches for “bitcoin” and “crypto” increased in July just before the takeover in Kabul.

Afghanistan scored 20th out of 154 countries in terms of their crypto adoption.

Just one year before, the nation’s crypto presence was so minimal that it was entirely excluded it from its ranking.

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Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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