Taliban Leadershipeadership Impose Ban on Cryptocurrency in Afghanistan - page 2.

Note3

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Quote from: 348Judah on August 27, 2022, 10:02:06 AM

Cryptocurrency Operations has been laid to halt in Afghanistan and the usage forbidden in the region as it is believed to have been the root in perpetrating fraud and the new regime of the Afghan leaders

The reason they ban crypto is because it is used as a fraudulent tool is ridiculous because they themselves have deceived the Afghan people by making fools.
They ban crypto because they understand that it can be used for outside funding to people inside who do not agree with the system of government they run.
It is permissible or not for the Afghan people not important things because they need food more than crypto policies which use the internet to acess its, while they themselves most likely do not have access to the internet.

Gayong88

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Quote from: 348Judah on August 27, 2022, 10:02:06 AM

Over 20 businesses associated with cryptocurrency had been shut down in Afghanistan and the whole engagement of it has been banned just as in the case of China, hasn't this been an end to cryptocurrency in Afghanistan? or p2p can be use to circumvent the ban but if caught it's a purnishable offense.

The most popular use of the cryptocurrency is Bitcoin in Afghanistan. Beyond the risk of trading in a currency that can change in value dramatically in a matter of hours, users also face regulatory and political pressures.

Perhaps the country's Ministry of Finance issued an order stopping all transactions related to cryptocurrencies. Now because there is another important policy and must be done. While digital currencies are growing in popularity in the region, there are a number of barriers preventing cryptocurrencies from taking off.

Darker45

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Quote from: zasad@ on August 28, 2022, 09:37:54 AM

Quote from: Darker45 on August 28, 2022, 01:41:17 AM

I used to think that cryptocurrency is actually advantageous rather than disadvantageous to the Taliban because they are importing illegal drugs around the world. The Taliban has been earning hundreds of millions of dollars a year from narcotics. It's probably one of their main sources of income. Well, perhaps they don't need crypto for this kind of transactions. Fiat and the banks are probably the more convenient options for them.

From September 2021 there is a big problem in the banking sector.
Taliban bans drug cultivation, including lucrative opium
https://www.reuters.com/world/asia-pacific/taliban-bans-drug-cultivation-including-lucrative-opium-2022-04-03/
It was when the Americans controlled Afghanistan that drug production grew there.

That's old news. Here is a new one, published just days ago by the Atlantic Council: Afghanistan’s drug trade is booming under Taliban rule.

Everything is cheap talk for the Taliban. Well, you can't blame them. They badly need to put up a handsome face in front of the international community to make their government look legitimate and for the rest of the world to trust or at least recognize them, or perhaps support them in some ways.

But not only did illegal drugs trade not stop when Taliban took over the government, it actually grew massively.

And how could they manage to effectively stop it when:

it is a source of stable livelihood for hundreds of thousands of its poor people
it provides great revenue to a country that is in the middle of a severe economic and humanitarian crisis
it could ignite violent anger and resistance among its people
it provides some sort of economic relief amidst many sanctions, frozen central bank assets, withdrawal of huge foreign aids, and so on
it seems to be the best and most profitable option for farmers amidst lack of alternatives, especially in times of severe drought
the government itself lacks resources to efficiently enforce such order
they simply couldn't survive without it.

Sources:
1. https://www.atlanticcouncil.org/blogs/southasiasource/afghanistans-drug-trade-is-booming-under-taliban-rule/
2. https://www.france24.com/en/live-news/20210819-taliban-vow-to-ban-heroin-but-can-they-survive-without-it

2stout

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Quote from: zasad@ on August 27, 2022, 03:05:24 PM

Let's think about why they need it?
It is impossible to ban cryptocurrency if the Internet is not blocked.
The first thought is to prevent the withdrawal of savings to other countries. If so, then over time the bans should be lifted.
Another thought is that it is not possible for opponents of the government to receive funding from other countries.

True, but the threat of intimidation and being reported will loom strong and will most likely prove to be a strong deterrence of crypto use unless you are brave enough to risk facing the wrath.

The Sceptical Chymist

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Not sure if I'm buying any of this mainstream media nonsense--for all we know, this could just be anti-crypto propaganda driven by an agenda none of us know about. Kind of like all of those stories about bitcoin's use in money laundering and crime and so forth, none of which detract from its value as a currency or store of value.

I mean, this is a Bloomberg article for Christ's sake. That's as agenda-driven and mainstream as it gets. Take all of this with an enormous chunk of salt.

hatshepsut93

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Can't spell "Taliban" without "ban" Grin

Jokes aside, it's not surprising that a country with crumbling economy and religious fundamentalist government would ban crypto, these types of people see freedom as a threat to their rule. The good news is that Bitcoin was created to operate in any conditions, including under threats from government, so its users in Afghanistan will still have access to it, they just need to be extra careful to not get caught.

crzy

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Quote from: DrBeer on August 28, 2022, 04:43:37 PM

For the Taliban, this is part of their "great" plan to return Afghanistan to the "Stone Age"! Trust me, they will succeed.
I perfectly understand why the United States left Afghanistan - you cannot teach people to live like normal people, well and civilized, if they absolutely do not want it!
The problem of the "new" Afghanistan under the control of the Taliban is that in addition to the fact that they will very quickly lead Afghanistan itself to total degradation, they will become a new, yet another center of regional terrorism. It is precisely because the surrounding countries did nothing to try to pull Afghanistan out of this path that the United States spat on this whole idea, and did not want to independently resolve the issues of those who should have been most interested in this.

Too bad for them, they are afraid of this kind of change and obviously their Taliban government don’t want to give any freedom to their people since cryptocurrency promotes freedom away from the government control. Sadly, Afghanistan people left with no choice but to follow their government, hopefully they can really stand on their own and stop the terrorism now that they fully control the whole country again, though we cannot expect this one but if you are holding crypto and living in Afghanistan, I’m sure there’s still a way to liquidate your crypto.

DrBeer

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For the Taliban, this is part of their "great" plan to return Afghanistan to the "Stone Age"! Trust me, they will succeed.
I perfectly understand why the United States left Afghanistan - you cannot teach people to live like normal people, well and civilized, if they absolutely do not want it!
The problem of the "new" Afghanistan under the control of the Taliban is that in addition to the fact that they will very quickly lead Afghanistan itself to total degradation, they will become a new, yet another center of regional terrorism. It is precisely because the surrounding countries did nothing to try to pull Afghanistan out of this path that the United States spat on this whole idea, and did not want to independently resolve the issues of those who should have been most interested in this.

teosanru

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Quote from: 348Judah on August 27, 2022, 10:02:06 AM

Cryptocurrency Operations has been laid to halt in Afghanistan and the usage forbidden in the region as it is believed to have been the root in perpetrating fraud and the new regime of the Afghan leaders, the "Taliban" have directed everyone in the country to desist from it acceptance, usage and transactions involving cryptocurrency for making payments while it has banned the commercial banks from it either, many have been arrested for contributing to the use of cryptocurrency by engaging in trading crypto tokens and other related activities that supports the engagement of cryptocurrency within the rule of the Taliban regions in Afghanistan.

The Taliban leadership believed cryptocurrency as an aid in denying them have access over the control of the people's asset as cryptocurrency is believed to be a decentralized digital network whereby anyone can independently secure his financial assets without the rule of the Taliban, this is what they believed as against their ethics in the country and further places engaging cryptocurrency or uses attracts a purnishable act.

Quote

“The central bank gave us an order to stop all money changers, individuals, and businesspeople from trading fraudulent digital currencies like what is commonly referred to as Bitcoin,”
https://www.bloomberg.com/news/articles/2022-08-26/taliban-ban-crypto-in-afghanistan-arrest-digital-coin-dealers

Over 20 businesses associated with cryptocurrency had been shut down in Afghanistan and the whole engagement of it has been banned just as in the case of China, hasn't this been an end to cryptocurrency in Afghanistan? or p2p can be use to circumvent the ban but if caught it's a purnishable offense.

It's quite strange because these sort of groups have used Cryptos a lot for raising their funding and doing their transactions when they were operating under the hood and now when they have formed a government they are banning other groups from doing it. Obviously at this fragile stage of the economy it's obviously necessary for them to keep all the money in the economy in their control. But yes they can make Cryptos as their base to create an all new type of economy.

palle11

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I'm not surprised that they will go to bitcoin to stop it exchange, transaction or flow of it. There are reasons that can be associated to the pronouncement.

1. They are against the freedom and libration of the people's mind.
2. Like some other countries who have banned it on the grounds of religion.
3. They don't want foreigners to be part of their system.
4. Low level of education

Agreed that Afghanistan is a new government under the leadership of Taliban and they need to set certain mechanism going but outright ban of bitcoin is limitation of human growth.

lumbanrang

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And when they put a ban on cryptocurrencies it has no effect on the global crypto market, and actually it's their right to ban crypto in their area, but I think as long as there is internet + VPN access anyone can still access crypto for their transactions. They should also focus more on stabilizing the political conditions in their country rather than dealing with things like this.

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Quote from: naira on August 28, 2022, 11:00:36 AM

Quote from: cabron on August 28, 2022, 09:57:57 AM

Not very surprising. They used to be using cryptocurrency and now they are banning it. They now know the burdens of governing a country where they have no control over the people's wealth.

But most government are up for control so there is nothing to be surprised of. They could really issue CBDC, this way they can also survey everyone. Since they are legitimized by China, then they can ask support from China.

It all makes sense, boosting the Afghan economy and wanting to be recognized as a country they have to adapt to but still not bow to the US. As their consistent resistance. We know that the realm of Afghanistan cannot be touched by the US, therefore China has the opportunity to negotiate as a form of achieving the same goal. The agreement provides China with a high-speed rail line and expands the coverage sector. Once again doing business with China is the path taken by the current Afghan government.

Including the policy that China will continue to intervene, as a strong ally of China to take risks and open loans as long as it benefits them in building the One Belt One Road route or now known as the Silk Road Economic Belt.

But they shouldn't be too confident that China will not intervene politically. China will also work like how US did. As for now they will just say the Chinese will deploy their own military to protect their investments in the country like the railways and businesses thru the BRI. They already started in Sri Lanka where they deploy their spy ship in the guise of protecting the port they've rent for like a hundred years. Sooner a military base is possible.

What Afghanistan need is to also improve their military not just in terms of economic, that they are capable of fighting back and preventing invasion. Its why they have to become rich as well through having their own CBDC.

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Quote from: cabron on August 28, 2022, 09:57:57 AM

Not very surprising. They used to be using cryptocurrency and now they are banning it. They now know the burdens of governing a country where they have no control over the people's wealth.

But most government are up for control so there is nothing to be surprised of. They could really issue CBDC, this way they can also survey everyone. Since they are legitimized by China, then they can ask support from China.

It all makes sense, boosting the Afghan economy and wanting to be recognized as a country they have to adapt to but still not bow to the US. As their consistent resistance. We know that the realm of Afghanistan cannot be touched by the US, therefore China has the opportunity to negotiate as a form of achieving the same goal. The agreement provides China with a high-speed rail line and expands the coverage sector. Once again doing business with China is the path taken by the current Afghan government.

Including the policy that China will continue to intervene, as a strong ally of China to take risks and open loans as long as it benefits them in building the One Belt One Road route or now known as the Silk Road Economic Belt.

iv4n

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Quote from: lovesmayfamilis on August 28, 2022, 07:44:14 AM

Just watch all the prohibitions that the Taliban have imposed. Are there reasonable restrictions? Should this be surprising? Anything related to freedom is not allowed. The government thinks that it can only govern Afghanistan by force. Sometimes it works. In addition, many residents of Afghanistan have a very low level of education. And it is for them that owning a bitcoin can be a difficult science. Therefore, it is hoped that the government will be able to improve the standard of living and literacy of its people. And after that, they will think about revising the ban on cryptocurrencies.

Well, I'm not surprised! They have some crazy laws in my opinion, but I am open-minded! Education opens up one's mind, and that's not working for the Taliban government, so I don't think they will try to improve their educational system in the right way, they will probably work on spreading their "way of seeing the world" among Afghanistan people! Those who think differently from the government can only run away from there, otherwise, they can only have problems if they are open about it! It's not like Afghanistan is not the only example, sadly there are similar countries...

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Quote from: naira on August 28, 2022, 09:41:21 AM

Quote from: 348Judah on August 27, 2022, 10:02:06 AM

Over 20 businesses associated with cryptocurrency had been shut down in Afghanistan and the whole engagement of it has been banned just as in the case of China, hasn't this been an end to cryptocurrency in Afghanistan? or p2p can be use to circumvent the ban but if caught it's a purnishable offense.

It seems the Taliban forgot that when they fought against governments in the past, it was also a fact that to finance their wealth they used crypto transactions to avoid risk. Now the funny thing is that after controlling the government, the leader made a policy towards the people to ban the use of crypto. It sounds ridiculous but from an economic point of view, we see the Taliban getting support from China in building infrastructure. Restoring the devastated territory was China's offer at the time. Now there is a policy that reverses direction. This means that they cannot control financial control if they legalize cryptocurrencies in areas that are still under development. They forget that the guns they buy come from money laundering.

maybe Roll Eyes

Not very surprising. They used to be using cryptocurrency and now they are banning it. They now know the burdens of governing a country where they have no control over the people's wealth.

But most government are up for control so there is nothing to be surprised of. They could really issue CBDC, this way they can also survey everyone. Since they are legitimized by China, then they can ask support from China.

naira

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Quote from: 348Judah on August 27, 2022, 10:02:06 AM

Over 20 businesses associated with cryptocurrency had been shut down in Afghanistan and the whole engagement of it has been banned just as in the case of China, hasn't this been an end to cryptocurrency in Afghanistan? or p2p can be use to circumvent the ban but if caught it's a purnishable offense.

It seems the Taliban forgot that when they fought against governments in the past, it was also a fact that to finance their wealth they used crypto transactions to avoid risk. Now the funny thing is that after controlling the government, the leader made a policy towards the people to ban the use of crypto. It sounds ridiculous but from an economic point of view, we see the Taliban getting support from China in building infrastructure. Restoring the devastated territory was China's offer at the time. Now there is a policy that reverses direction. This means that they cannot control financial control if they legalize cryptocurrencies in areas that are still under development. They forget that the guns they buy come from money laundering.

maybe Roll Eyes

zasad@

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Quote from: Darker45 on August 28, 2022, 01:41:17 AM

I used to think that cryptocurrency is actually advantageous rather than disadvantageous to the Taliban because they are importing illegal drugs around the world. The Taliban has been earning hundreds of millions of dollars a year from narcotics. It's probably one of their main sources of income. Well, perhaps they don't need crypto for this kind of transactions. Fiat and the banks are probably the more convenient options for them.

From September 2021 there is a big problem in the banking sector.
Taliban bans drug cultivation, including lucrative opium
https://www.reuters.com/world/asia-pacific/taliban-bans-drug-cultivation-including-lucrative-opium-2022-04-03/
It was when the Americans controlled Afghanistan that drug production grew there.

lovesmayfamilis

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Just watch all the prohibitions that the Taliban have imposed. Are there reasonable restrictions? Should this be surprising? Anything related to freedom is not allowed. The government thinks that it can only govern Afghanistan by force. Sometimes it works. In addition, many residents of Afghanistan have a very low level of education. And it is for them that owning a bitcoin can be a difficult science. Therefore, it is hoped that the government will be able to improve the standard of living and literacy of its people. And after that, they will think about revising the ban on cryptocurrencies.

Darker45

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I used to think that cryptocurrency is actually advantageous rather than disadvantageous to the Taliban because they are importing illegal drugs around the world. The Taliban has been earning hundreds of millions of dollars a year from narcotics. It's probably one of their main sources of income. Well, perhaps they don't need crypto for this kind of transactions. Fiat and the banks are probably the more convenient options for them.

Gyfts

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Taliban is the illegitimate fascist government of Afghanistan. This is akin to North Korea banning crypto currency. Has no effect on the crypto economy, and I would have already made the presumption that cryptocurrency was banned the moment they took over.

Quote from: goaldigger on August 27, 2022, 10:12:19 AM

You can choose to travel abroad but I think it's not worth it if you are just holding small crypto, you just need to hold for now and secure that wallet. The market in Afghanistan is not that big, and they are experience a lot of problem since Taliban takes over their country, for now crypto user there should take cautious and avoid being caught.

I would highly advise against this, as the Taliban are known to execute innocent Afghan citizens on a whim. Getting caught with crypto currency sounds like the death penalty. Is it worth it?

Topic: Taliban Leadershipeadership Impose Ban on Cryptocurrency in Afghanistan - page 2. (Read 422 times)