For the last several weeks, the world watched in horror as the US forces started withdrawing from Afghanistan, only to see it overrun by the returning Taliban. Now, they control most of the country’s region, but the war against them is believed to only be getting started.
Yesterday, September 1st, Cardano’s founder, Charles Hoskinson, gave his thoughts on the situation, stressing that the war against the Taliban will likely depend on the use of digital currencies. However, the bad news is that the Taliban will likely turn to digital assets for their own funding, as well.
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All in all, Hoskinson is convinced that digital currencies will have a major role to play in the power struggle in Afghanistan, noting that the country has a great need for privacy-preserving technologies right about now.
Hoskinson noted that Afghan’s digital life is currently under heavy scrutiny. Anyone who expresses an opinion that doesn’t fit the regressive viewpoints of the Taliban is now risking being harassed, imprisoned, and even killed.
How can cryptocurrencies help?
Hoskinson did not go into great detail regarding the potential use cases that could help Afghanistan’s people, but he did note that the crypto industry’s benefits would be useful for helping the people hide their personal spending from the Taliban. More than that, they could also hide the fact that they have money, to begin with.
So far, most local bank accounts have been frozen, so the Afghani citizens got cut off from any money they might have received in traditional ways. The only thing remaining is to get their funds internationally, through the cryptocurrency industry.
Financial firms like Western Union have admitted that they understand the urgency of receiving funds, which is why the firm plans to return to business as soon as the situation allows it. Meanwhile, the idea of switching to crypto has already occurred to many, including various organizations.
While crypto adoption has been growing in Afghanistan over the last few years, it is likely that it will skyrocket in weeks and months to come, as more people turn to this more practical solution.
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