Use of bitcoin increased in Afghanistan

Ground Report | New Delhi: Use of bitcoin increased in Afghanistan; The use of bitcoins in Afghanistan has increased sharply over the past year amid the economic downturn created by the Taliban's occupation of Afghanistan, according to the new study. Chanelless, a company providing data, software, and research services, ranked Afghanistan 20th out of 154 countries in the world in terms of the use of cryptocurrencies in 2021.

The company did not compile a 2020 list due to the fact that the use of cryptocurrencies could be ignored. Vietnam tops this year's index. The purpose of the index is to gauge the use of cryptocurrency by 'ordinary people. Afghanistan is one of the leading Central Asian countries in the use of cryptocurrencies.

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The index shows that in the last 12 months, the use of cryptocurrencies worldwide has increased rapidly, to more than 880%. Emerging economies are largely responsible for this increase.

Use of bitcoin increased in Afghanistan

"Our data shows that citizens of more and more countries around the world are using cryptocurrencies or are seeing an increase in their use," said a blog post detailing the research.

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"Many emerging markets are experiencing a significant devaluation of the currency, which is why their citizens are buying cryptocurrency through P2P (peer-to-peer) platforms to protect their savings. Others in these areas use cryptocurrencies for international transactions. They are either using remittances at the individual level or using corrupt currency for commercial purposes, such as exporting goods and selling them

Google Trends data shows that searches with the words 'bitcoin' and 'crypto' have increased over the past year. The recent overthrow of the Afghan government by the Taliban has caused many people to suffer financial ruin due to the closure of banks, lack of cash and the facilitation of remittances such as Western Union and MoneyGram. To suspend the transfer of funds internationally by companies.

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