Charles Hoskinson, the founder of Cardano, is of the opinion that virtual currencies might play a significant role in offering financial privacy to Afghani natives subsequent to the withdrawal of US forces.
In a recent interview with CNBC, Charles Hoskinson, who is one of the co-founders of Ethereum and the founder of Cardano, mentioned that
“cryptocurrencies will play a larger role in Afghanistan […] in the war for and against the Taliban forces.”
Hoskinson underscored the requirement for financial privacy-preserving technologies in Afghanistan, mentioning,
“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.”
While tangible presumptions around how digital assets will benefit Afghan society were inadequate, embracing virtual currencies would allegedly permit Afghan nationals to evade the Taliban’s attempts to track personal spending or seize their virtual currencies.
While several local bank accounts have been frozen at the instruction of international aid organizations and the United States, Western Union also suspended services in the nation until further notice last week. Thus, limiting the means available to Afghani nationals looking to transfer their assets internationally.
The organisation mentioned in a statement,
“Western Union understands the urgent need people have to receive funds, and we are committed to resuming operations for our customers in Afghanistan as conditions permit.”
Digital asset espousal seems to have been going up in Afghanistan over the past couple of years, with the nation presently ranking 20th as per Chainalysis’ 2021 Global Crypto Adoption Index.
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