Despite the unrest and uncertainties in Afghanistan, cryptocurrency is proving its worth.
The notorious Taliban group overran the country’s capital Kabul after U.S President Joe Biden withdrew American troops – sending different industries and the entire nation into comatose.
Afghanistan’s financial sector has completely collapsed leaving around 40 million residents cash strapped.
The country’s economy is heavily dependent on cash as only a small percentage of the population are knowledgeable about digital currencies.
One of such people is Farhan Hotak, a crypto trader and vlogger who is using cryptocurrency to maintain the value of his finances amidst the economic flux.
In Afghanistan, we don’t have platforms like PayPal, Venmo, or Zelle, so I have to depend on other things,” Hotak told CNBC in a report detailing the role of cryptocurrency in the land-locked country at a time like this.
“I have very, very, very limited resources to do anything. I’m interested in the crypto world, because I have earned a lot, and I see a lot of potential in myself that I can go further,” he added.
Google Trends shows that internet inquiries about “crypto” and “bitcoin” surged last month.
According to Chainanalysis data Afghanistan is ranked 20th in the global adoption index.