nations that continue to rely on governmental control Afghanistan of the economy to function are actively working to thwart the development of cryptocurrency within their borders. The ways in which authoritarian regimes like Russia, China, and others should interact with crypto enthusiasts and digital assets each have their own distinctive stances and approaches. To a more recent point in time, South Korea was counted among these nations that were averse to any notions of incorporating cryptocurrency into their economies.
Some news pieces are really unsettling, despite the fact that the hardships experienced by crypto fans in other countries do not typically affect those of us living in the United States. The government of
Afghanistan controlled by the Taliban
has made the decision to entirely outlaw the use of any and all cryptocurrencies in the territory they control. The nation’s central bank has issued a stringent ban on any transactions involving cryptocurrencies. People who continued trading tokens despite the Taliban’s efforts to arrest them.
The regime’s representatives refer to cryptocurrencies as “fraudulent digital currencies,” and Bitcoin is the cryptocurrency they despise the most. There have been 13 people taken into custody since the beginning of August for their involvement with cryptocurrency. It is important to note that the extent to which they were involved with digital assets is unknown to us. Traders may have been ready to take the risk despite being aware of how risky any operations involving cryptocurrency are in Afghanistan; yet, many holders may be jailed simply because they failed to sell their holdings before the exchange.
The country has a total of six cryptocurrency brokers, four of which were located in the streets of new york, which is just around 120 kilometers away from the border with Iran, which is a slightly more liberal country. It’s possible that the Taliban would target cryptocurrency due to the fact that they make it possible for certain educated people to exit the nation by gradually shifting their capital away from the jurisdiction of the government.
Even while the acts of the Taliban appear to be extremely destructive and dangerous, we must keep in mind that all nations are working to tighten the regulations that govern cryptocurrency marketplaces. The United States of America will very soon implement some brand new regulations. The new regulations, which had previously been established in Canada, included a yearly cap on the amount of cryptocurrencies that may be purchased.
The country of Afghanistan has just established a new standard by outlawing cryptocurrencies on a national level. The nation is the latest to join China and a handful of other nations that have decided to outright ban any and all commercial activity involving cryptocurrency initiatives. Despite the fact that it is highly improbable that developed nations will follow in the footsteps of authoritarian governments, the trend is concerning.