As Afghanistan Plunged Into Economic Turmoil, Many Citizens Embraced Cryptocurrency

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People in Afghanistan relied on cryptocurrency while trying to flee from there

After the fall of Kabul in August 2021, many Afghans turned to cryptocurrency, particularly Bitcoin, as a means of escaping the country. The digital assets proved to be lifelines especially for women fleeing Afghanistan, who were not permitted to open bank accounts in the country. While Afghanistan's currency plummeted after the Taliban captured Kabul on August 15, cryptocurrencies have aided many people in relocating, evacuating their families, and establishing new lives in other countries. The pioneers in helping women of the country achieve financial independence were two sisters — Roya Mahboob and Forough Mahboob.

Had it not been for them, many Afghan women would have been in a precarious position in terms of evacuating or assisting their families to flee. The sisters taught hundreds of young women computer basics in Herat and Kabul through their non-profit organisation, Digital Citizen Fund. Apart from that, they also taught the women how to use Bitcoin and paid their employees in the digital currency, stated a Reuters report. The women also learnt how to invest and trade in Bitcoin and Ethereum.

Even as Bitcoin's value soared to new highs in 2021, it was increasingly embraced by many people without access to official banking, those living in conflict zones, and those residing in countries with poor governance. However, the most ardent of cryptocurrency followers are emerging from countries like Afghanistan, where many people do not have bank accounts or banks are closed for long periods of time, and the local currency has plummeted. In fact, blockchain data firm Chainalysis put the country 20th in the Global Cryptocurrency Adoption Index