In times of turmoil, more nations are turning to crypto. Iran, Venezuela and North Korea have all used cryptocurrencies to avoid sanctions, access global markets, or, in the case of North Korea, even conduct cyberwarfare.
Now it is Afghanistan’s turn. Data published in August by crypto analytics platform Chainalysis found that Afghanistan ranked 20th out of 154 countries in overall cryptocurrency adoption. If you isolate for core peer-to-peer trading volume, Afghanistan ranks seventh globally.
A year ago, Afghanistan didn’t even rank in Chainalysis’ data, suggesting its crypto boom is a recent phenomenon. Then in August, the Taliban took full control of the country—an event that triggered economic collapse, and has led some to suggest cryptocurrencies could become even more important.
Will crypto provide a lifeline? Not necessarily. Decrypt spoke to Afghanistan experts who suggested cryptocurrencies will do little for the country’s struggling population—but may benefit th
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