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HomeRegulationAfghan Authorities Shut Down 16 Crypto Exchanges

Afghan Authorities Shut Down 16 Crypto Exchanges

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Afghan authorities shut down 16 crypto exchanges in the western province of Herat (allegedly). The operation comes three months after the current Taliban leadership prohibited the trading of digital assets.

It is worth mentioning that the shift in Afghanistan’s political leadership last year created economic uncertainties in the country. Surprisingly, the volatility spurred some residents to switch their fiat money into digital assets and stablecoins. But now Afghan authorities shut down 16 crypto exchanges causing uncertainty for those suffering from Taliban rule.

Afghan Authorities Shut Down 16 Crypto Exchanges crypto

Afgan Crypto Exchanges Fall

According to recent reports, Herat police officials have shut down at least 16 bitcoin trading places in the country’s second-most populated province. The measures of the authorities are the outcome of the central bank’s hostile attitude toward the digital asset market. It was recently suggested that crypto trading “has produced a lot of difficulties and is defrauding individuals,” and hence it should be restricted.

The Herat Money Exchangers’ Union likewise backed the platforms’ closure. According to the institution, wrongdoers frequently defraud victims through digital currency trading, taking advantage of the fact that the majority of Afghanistan’s population is not financially informed, making it simple to fall victim to a fraudulent scheme.

Some Herat citizens also spoke out on the issue. Shahram described the bitcoin sector as a “new phenomena” that is still in its early stages in Afghanistan. As a result, the government must oversee it in order to safeguard domestic investors.

Mawla Alizada held a similar viewpoint. Crypto enterprises, in her opinion, are mostly managed by criminals, which is why she supports the government’s decision to prohibit digital asset trading on domestic land.

“People also suffer losses because syndicates are involved, and rates fluctuate daily,” she added.

The Taliban Boosted Crypto Adoption

Last August, the Taliban (an ultraconservative political and religious party) retook control of Afghanistan, making headlines worldwide. The Western World (headed by the United States) was dissatisfied with the civil war provoked by the new administration to reclaim power and put financial sanctions on the country.

Last August, the Taliban (an Afghan ultraconservative political and religious party) retook control of Afghanistan, making headlines worldwide. The Western World (headed by the United States) was dissatisfied with the civil war provoked by the new administration to reclaim power and put financial sanctions on the country.

As a result, Afghanistan (one of the poorest countries) fell into an even deeper catastrophe. The country’s fear drove some of its people to seek alternate monetary choices to protect their money, and strangely, a portion of them redirected their emphasis to cryptocurrencies and stablecoins.

This came as a surprise because the Central Asian nation’s residents have historically depended mostly on jewels, precious metals, and currency during difficult times.

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