Cryptocurrencies To Play A Major Role In Afghanistan: Charles Hoskinson

Charles Hoskinson, the founder of Cardano, believes that Cryptocurrencies could see increased adoption in Afghanistan amidst the rising need for privacy and the economic chaos in the country.

It would happen if the leaders of the Taliban do not respect the rights of people, stated Hoskinson. While speaking to CNBC, the founder said that Cryptocurrencies could help in fighting the war for and against the Taliban forces.

“Afghan’s digital life is now under scrutiny, the last two decades are being reviewed by a regime that if you expressed your opinion in ways that don’t fit their regressive viewpoints you are now under threat of harassment, imprisonment or even death,” said Cardano founder.

Further, he emphasized that “it’s going to be really interesting to see how that gets integrated into statecraft and how that gets integrated into resistance against a regime that clearly doesn’t care for the rights of many people and clearly wants to put in a theocracy that belongs more in the 13th century than the 21st century.”

Yesterday, there was jeopardy in Afghanistan's economy, as the country is already experiencing a huge shortage of cash. Many people are standing in queues struggling to withdraw money from their bank accounts amidst uncertainty as the Taliban took over the country.

Several data indicate that many people have turned to Bitcoin during these cash shortages. According to data published by Chainalysis, Afghanistan ranks 20th out of 154 countries in terms of Bitcoin adoption. Few days before Tabilan took over Kabul, Google searches for Cryptocurrency and Bitcoin in Afghanistan were rising exponentially.

There are several organizations that have started accepting cryptocurrencies to fund basic food and medical needs for Afghans.

Disclaimer: The author’s views and opinions are for informational purposes only and do not constitute financial, investment, or other advice.