Can Afghanistan replace afghan currency with Bitcoin?

[Hydrogen]

China, our ‘great neighbour’, will help Afghanistan forge peace: Taliban

https://www.scmp.com/week-asia/politics/article/3146941/china-our-great-neighbour-will-help-afghanistan-forge-peace

....



The taliban seem interested in forging a future business relationship with china.

Which would seem to indicate they will not be opening their doors to crypto/bitcoin support at this time.

[Ararbermas]

Seems impossible mate, because you know Afghanistan is not that good when it comes such technology, and perhaps there's a lot of people who cannot afford to adopt bitcoin if that happens. Indeed the common problem on that place is "internet" and the amount of people who owned good device even smart phone. And there's are some issue in taliban as well that still stopping people when it comes crypto currency.. So it's not possible to happen in my opinion.

[ilovealtcoins]

If they put Bitcoin in payment that would also be good, but they will lose significant transaction fees from deposit transactions. It is currently best for them to use Bitcoin and their national currency in tandem. Bitcoin currency will help them escape the sanctions of NATO countries and the US. Their national currency can be a CBDC that they develop themselves. A fledgling country should be economically self-sufficient and control its own currency.

[xypos]

I think that there is real potential there.

Even though the Taliban will certainly never endorse the currency officially, I think that with the broken fiat system there it will be inevitable that people will seek solutions.

One of the most obvious solutions right now is clearly bitcoin. They will likely not want to transact with USD given their animosity.

[Welsh]

Also, what I think has been failed to be mentioned so far is I think the Afghanistan people have more to worry about than money right now, and I think this was evidenced by the desperate attempts to leave the country. People left all of their possessions, and some were only carrying either a small suitcase or the clothes on their back. Bitcoin isn't the solution, I think we tend to put too much emphasis on Bitcoin being the solution to everyone's problem, but at the moment Afghanistan as much bigger problems than money, and the currency that it uses.

The way the world works currently is everyone is obsessed with money, but the scenes that we've been shown over the last few weeks in Afghanistan has shown that when it comes to the crunch most people are willing to leave their money, and possessions if it means that they can be safe. Unfortunately, in the West in particular our biggest emphasis is money, and naturally as Bitcoin supporters we think Bitcoin will solve all the problems of the world, which is will not. Bitcoin has specific use cases, and that's to prevent centralised authority over your money, something that I'm sure that the Taliban wouldn't be interested in entertaining, especially when most governments aren't entertaining the idea.  

Even if internet was accessible over there, which for the vast majority of the country isn't it still isn't practical or even remotely beneficial to use Bitcoin over there.

[Ucy]

Well, I think we are approaching a time when it may be necessary to have very dangerous users (or users with strong tendency to be very dangerous) verify their true identities and be legally monitored by qualified/reputable security agencies within a Group in the Bitcoin Network. To prevent abuse, I think the works of the security agencies within the network should be immutable and well encrypted, but it maybe ok to use private network during really serious cases.
If there is no good/moral plan to prevent the misuse/abuse of Bitcoin by other Nations, then we should not rejoice. We should only rejoice if they are able to use it to save lives and help the needy, with little to no issues to the society and the world.

[zanezane]

I think that there is real potential there.

Can't happen, there's just too many people in Afghanistan for bitcoin to cater even if they use the smallest denominations and even keep on dividing it to smaller units, it would be unfair to other countries in my opinion. Plus, I am sure that not even half of the population probably knows about bitcoin or how to use it.

[Lucius]

The taliban seem interested in forging a future business relationship with china.

Not only with China, but also with Turkey, which shows great interest in remaining present in the country, and sources say that during the occupation they created very strong ties with certain parts of the Taliban movement. If we know Turkey's attitude towards Bitcoin, then any question about some kind of integration of that cryptocurrency into Afghanistan is completely meaningless.

Despite all these media spins, the Taliban have not changed much in the past 20 years - they are still radical Islamists, and the best proof of this is the hundreds of thousands of people fleeing their version of freedom. Bitcoin is definitely not an option that can come to life there, except as an alternative for a small number of people who have access to the Internet and know that such a thing even exists.

[mindrust]

Bitcoin may gain legitimacy in the country to recover from the economic crisis after the country was occupied by the Taliban. Moreover, the economic source of the Taliban must come from another border country. So for their economic prosperity, the government of the country is more focused on legalizing bitcoin. You can know all the details through the video link below. I hope you will watch the full video and you will find the video source at the link below.

https://www.indiatoday.in/newsmo/video/afghanistan-replacing-afghan-currency-with-cryptocurrency-bitcoins-1846934-2021-08-30?jwsource=cl

Do you think the most corrupt government terrorist in the world would use the most honest currency?

I don't think so. Even if they do, they are not going to name the prices of goods in bitcoin. They'll still name it in USD or whatever the fuck their local currency is. Bitcoin will only act as a transmitter and the value of the goods in bitcoin will constantly fluctuate and this is not really an accomplishment.

[davis196]

It has been said multiple times before that Bitcoin cannot help for recovering the economy of any country.
Bitcoin is just an asset/currency.
Only political and economic decisions made by the government can help for recovering the economy of any country-lowering the taxes,funding infrastructure projects,creating a better environment for doing business.
I don't know what the talibans can do in order to recover Afghanistan.Maybe they will try to negotiate some financial help from the western world,in exchange of something else-reducing the production and export of opiate/heroine and fighting terrorist organizations like ISIS.

[vanessacummings]

@20kevin20 But there’s a huge surge in the number of people adopting cryptocurrency in Afghanistan. In 2020, people in Afghanistan were not even close to the Global Crypto Adoption Index but in this year, there’s rapid growth in these numbers. Even if Talibans don’t let them use crypto, there’s a sense of economic security which is driving people to invest in crypto.

[ultrloa]

@20kevin20 But there’s a huge surge in the number of people adopting cryptocurrency in Afghanistan. In 2020, people in Afghanistan were not even close to the Global Crypto Adoption Index but in this year, there’s rapid growth in these numbers. Even if Talibans don’t let them use crypto, there’s a sense of economic security which is driving people to invest in crypto.

For sure they hide this usage since as you said Taliban doesn't want to be interfered on their actions towards running their economy and law, also they are more stricter compare to the past administration so expect that they will not allow any foreign or digital currency that will over powered their Fiat so maybe we cannot see any changes towards this for bitcoin nor unto this country. But if they became a free country maybe there's a chance for the adoption to happen on that country.

[jseverson]

Bitcoin would make it (a lot) easier for people to move money out of the country, so while this move does make sense as a hedge vs. their currency's decline, there's no way the Taliban is going to let this happen. Even firms like Western Union that have resumed services there recently has currently stopped outgoing services.

For the common people though, sure, as Bitcoin has proven to be resilient despite unstable regimes, but I imagine majority of them have more pressing issues right now.

[hatshepsut93]

You can't solve an economic crisis by having your people holding Bitcoin. Economic crisis is when there's no jobs, no opportunities for business, no good ways to make money for the population. Poor people can't live off buying and holding Bitcoin, especially not when they have little to start with. It's completely out of touch with reality to think that Bitcoin can solve an economic crisis.

[Slow death]

are there things you read in this cryptocurrency market that are very strange or a little comical, because a taliba who are just against freedom, are fanatical about religion, don't respect human rights, because they would want bitcoin something decentralized? it doesn't make any sense to those fanatics and terrorists, certain news channels need to stop delusions and even consider the possibility of fanatical terrorists using bitcoin, this is decadence and it seems that certain people in the crypt market are desperate for countries (they even want fanatical and terrorist regimes use bitcoin ) use bitcoin when there are already good democratic governments that use bitcoin or at least allow their citizens to use bitcoin as a means of payment. we don't need terrorists and religious fanatics using bitcoin

[Spack17]

I don't know if Afghanistan really need to do such thing. Generally, countries whose economy is really bad start thinking of making Bitcoin legal tender. I don't know their financial condition right now. The terrorist organization Taliban have taken the control of the country from now on. We will need to wait and have some idea about their new policies before making a prediction about this I think.

[qwertyup23]

I see no reason for Aghanistan to replace their current currency with Bitcoin. The reason on why countries have a universal 'legal tender' so that they could exchange it for goods and services. If a country has a legal tender that is not accepted from different countries, then that would hamper their trade- thus affecting their economy.

Same concept with BTC as their legal tender. If there are insufficient infrastructures and businesses that accept crypto as payment (BTC to be specific), then changing it it would damage further their economy. Remember that most people are also unaware of BTC's existence so that would be definitely risk in both short and long-term.

[famososMuertos]

It is difficult not to think about what happens and not want to hope that something of "improvements" of the situation occurs because the true solutions to the conflict require time or very far from reaching.

Subject: No. And it should not be intended to give Bitcoin always the rescue status, remedy...

[avikz]

Bitcoin may gain legitimacy in the country to recover from the economic crisis after the country was occupied by the Taliban. Moreover, the economic source of the Taliban must come from another border country. So for their economic prosperity, the government of the country is more focused on legalizing bitcoin. You can know all the details through the video link below. I hope you will watch the full video and you will find the video source at the link below.

https://www.indiatoday.in/newsmo/video/afghanistan-replacing-afghan-currency-with-cryptocurrency-bitcoins-1846934-2021-08-30?jwsource=cl

Taliban has already formed the government in Afghanistan. It's shocking but true! So with the Talibani government, I don't see even a slightest chance of bitcoin to become a legal tender there.  Talibans can use bitcoin for their own benefit but they wouldn't allow anyone else to do so. They are super regressive in nature and whatever Afghanistan was gaining since last 20 years, are all gone! Now the country has only one fate - hell! Bitcoin belongs to the high tech world and Talibans are primitive monkeys.

They will destroy the whole natural assets of Afghanistan in no time and leave their citizens to their own misery!

[Woodie]

Seeing those queues on television of people actually sleeping outside a bank in hope of getting cash Is really heart breaking because of the serious crisis in that country . As much as we would propose Bitcoin to them I think it's not much of use because cash will still be needed one way of another, tbh what I see happening there is people reverting back to old systems like the barter system as the current money system has failed terribly.