Can Afghanistan replace afghan currency with Bitcoin?

[dothebeats]

I don't think people in Afghanistan may even access the internet now that the capital and the whole country is controlled by the Taliban. It would be difficult for them to get hold of bitcoins too, considering that most countries bordering them would probably just pretend to be deaf and blind about the country's current situation, and would not dare accommodate any requests from the people of Afghanistan. I don't know what plans the Taliban has for the country, but from an economic standpoint, I don't think they have it covered, or have any working plans on their mind as of this very moment.

[tabas]

Will the Taliban do that? I don't think so, how they'll get funded with bitcoin? They're now like as a hermit kingdom when the country has been taken over by them.

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.

I don't think that they'll turn into that solution as much as possible with the current time. They're now the government and I think they'll do something within their powers but without touching the bitcoin market on their country.

[Welsh]

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.

And the transaction fees involved with using Bitcoin as a ways of paying for big, and small transactions make it unfeasible for most. Especially, for the people of Afghanistan who already have money in the ways of cash that they don't have to pay fees on.

This is probably more than a economic crisis though, the fact that their value of money plummeted was not only because of the recent administration change, but because people there case less about money, and more about looking after themselves, with a lot fearing for their life. The last thing they care about right now is earning money.

[tippytoes]

@Tybi
Regardless of the current cash shortages and bank closures, BTCitcoin can't replace their own currency ^{[for now]}, but it could somewhat complement it!
<sup>- Even if the internet penetration rate was high [it's quite low], I still highly doubt that the Taliban would've allowed its citizens to have that much power over something that they could hardly control.
- As it stands, it's only good for those that want to flee the country in the near future.</sup>

I have the same opinion also. If they will replace their afghani with bitcoin, they will have no full control on what's going on. People can even do p2p trading without the government knowing their transactions. And with Taliban government, I believe, they want power and control over their people. So nope, seems far from happening under their regime.

[kawetsriyanto]

Bitcoin may be one of the currencies that is accepted in that country and Bitcoin may be legal in the country as a currency.
However, it doesn't probably mean to replace the Afgan currency itself.
replacing a centralized currency of a country is something that is not easy. It needs long and a complicated process and of course, it may need very deep and important discussion, consideration, and analysis if going to do so.
It means that there should be accepted by all parties, they are by the government, the awl and regulation, the banks of the country, the societies, and many more parties related.
So, I am not sure that they will replace their currency with Bitcoin, but only accepting Bitcoin as one of the currencies there, except they are experiencing very extreme bad things happen to their financial system and also currency condition, as their currency values zero.

[suzanne5223]

First of all. Bitcoin is not the answer to everything and can't solve a country's economic crisis if the country itself is not ready to solve its own crisis. The Taliban are full of surprises and can do what we don't expect, the idea of Afghanistan relying on their crypto holdings as a strategy to solve the economic crisis is nice but not enough to solve the country's problem.

[Shasha80]

@Tybi
Regardless of the current cash shortages and bank closures, BTCitcoin can't replace their own currency ^{[for now]}, but it could somewhat complement it!
<sup>- Even if the internet penetration rate was high [it's quite low], I still highly doubt that the Taliban would've allowed its citizens to have that much power over something that they could hardly control.
- As it stands, it's only good for those that want to flee the country in the near future.</sup>

I have the same opinion also. If they will replace their afghani with bitcoin, they will have no full control on what's going on. People can even do p2p trading without the government knowing their transactions. And with Taliban government, I believe, they want power and control over their people. So nope, seems far from happening under their regime.

In fact it is not only in Afghanistan that the government will not replace the local currency with Bitcoin. But the majority of countries in the world
certainly want to control the finances of their citizens, so it is impossible to let Bitcoin replace their local currency. Especially now that
the Afghan government is controlled by the Taliban, with the new regime they will try to control everything. So it is impossible for Bitcoin to
replace Afghanistan currency.

[TelolettOm]

In fact it is not only in Afghanistan that the government will not replace the local currency with Bitcoin. But the majority of countries in the world
certainly want to control the finances of their citizens, so it is impossible to let Bitcoin replace their local currency. Especially now that
the Afghan government is controlled by the Taliban, with the new regime they will try to control everything. So it is impossible for Bitcoin to
replace Afghanistan currency.

Truely.
I don't think that a country will lose their centralized system to put into cryptocurrency and replace their currency to crypto.
It is too risky moroever we know the value of Bitcoin is volatile and it may not be implemented at all in the term of currrency in a country.
But, it is enough that Bitcoin and maybe other cryptocurrency can be one of the payment method.
It makes sense, but not for rpelacing.

[Hamphser]

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

Bitcoin was never intended to replace any fiat currency because if we do really think off sensibly then its impossible for fiat currency of a certain country would be just replaced into something which isnt centralized nor
even tangible.

Not to brag or to be negative about bitcoin but it was never intended for that purpose.Although we can really say that government wouldnt really let these things to happen in the first place.
It isnt really just that possible to happen.

[electronicash]

the country is a mess, they might not be talking about doing anything about their currency right now because there is nothing more important than the order in their community. Bitcoin might just be the last thing in their minds than having food for brunch.

but if they have to consider replacing their currency, they will probably prefer CBDC of their own.

[Shasha80]

In fact it is not only in Afghanistan that the government will not replace the local currency with Bitcoin. But the majority of countries in the world
certainly want to control the finances of their citizens, so it is impossible to let Bitcoin replace their local currency. Especially now that
the Afghan government is controlled by the Taliban, with the new regime they will try to control everything. So it is impossible for Bitcoin to
replace Afghanistan currency.

Truely.
I don't think that a country will lose their centralized system to put into cryptocurrency and replace their currency to crypto.
It is too risky moroever we know the value of Bitcoin is volatile and it may not be implemented at all in the term of currrency in a country.
But, it is enough that Bitcoin and maybe other cryptocurrency can be one of the payment method.
It makes sense, but not for rpelacing.

Therefore some countries that do accept Bitcoin, do not allow Bitcoin to be used as payment. Because the government is worried that Bitcoin will
replace the country's national currency, so usually Bitcoin is only allowed only as a digital asset. Although there are countries that allow Bitcoin as
payment, it is only as an alternative payment method, not to replace the local currency. Indeed, Bitcoin and fiat should co-exist, so it will make
financial transactions easier, because both can complement each other.

[ElmedoRator]

But what I know about Afghanistan, they are a poor and backward country that does not have many conditions to care about what we are talking about, whether it is just a very small number of people. They are still facing many problems about the current conflict, I feel the loss of control over their sovereignty over their own land, but the news I read recently is very sad when people are suffering many problems after war, the solution now has nothing to do with the economy but instead is about when they will feel happy on their own land.

[MusaMohamed]

But what I know about Afghanistan, they are a poor and backward country that does not have many conditions to care about what we are talking about, whether it is just a very small number of people. They are still facing many problems about the current conflict, I feel the loss of control over their sovereignty over their own land, but the news I read recently is very sad when people are suffering many problems after war, the solution now has nothing to do with the economy but instead is about when they will feel happy on their own land.

If they have electricity, they can mine Bitcoin. They have to buy ASICs and build mining farms. In that nation, it is risky to operate mining farms because you don't know what will happen with the society, politics and everything there.

Some poor nations in Latin America can have mining activities because their nations are more stable and less risky like Afghanistan.

Even the nation and coming government from Taliban will have to be judged by other nations. I don't think Taliban can not make Bitcoin as legal tender in Afghanistan and big nations, IMF will not accept it.

[gabbie2010]

The religious ideology of the Taliban will place a strict restrictions and regulations on the use of internet knowing the implications of unlimited access could harm their regime in that effect they might not allow people to adopt Bitcoin as a currency, infact they might assumed that the world power might finance insurgency against the regime using Bitcoin, thus the Taliban would probably monitor internet usage in Afghanistan, however having technological infrastructure to do the monitoring could be hard for them except Russia and China come to their rescue.

[JohnBitCo]

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

I think that Afghanistan does not have the infrastructure yet where they can do this type of experiment and start using bitcoin instead of their local afghan currency. If they still want to try it, then they can use both their local currency and bitcoin together. Abandoning the native currency all at once will never help this transition and people will simple reject it.

[Leviathan.007]

That's exactly what I was thinking a few days ago. We all know the Taliban do not have good repucation in all over the world also people of the world know this group for rape and murdering people so can not trade easily with other countries. They need to use another group/country as proxy or they will have to use the other options such as bitoin. But in the other hand, Taliban toke the controll of this country and they are so triditional and do not agree with any kind of freedom, so I ddon't expect them to accpet bitcoin anytime soon.

[tyz]

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.

Does not make sense at all. Although almost everyone in Afghanistan owns a cell phone and it would be possible in principle, it makes no economic sense. For several reasons: First, Bitcoin is currently highly deflationary. Afghanistan's economy is in the dumps. An inflationary monetary policy is needed. On the other hand, Bitcoin is not suitable for daily transactions. Just imagine a farmer wants to buy a bag of vegetables for $5 (which is a lot of money in Afghanistan anyway) and pays $10 transaction fees on it.

[cotton ball]

can afghanistan replace afghan currency with bitcoin, in my estimation, they will be very difficult, because their country is not yet stable, and the country is also still in war, between the taliban and anti-taliban, and they are also not accepted by many countries, so i think they will not be able to change their currency..

[Frengki_cisco]

I tried to read the news, my personal opinion is specifically for citizens who use crypto currencies such as Bitcoin, that's the response of citizens who want to protect their assets.

The next question, what is the Taliban's policy towards the presence of Bitcoin in Afghanistan, if they have a positive attitude towards crypto it can be a good step forward for Afghans and vice versa must also think about the bad side, News of the taliban's attitude with Bitcoin must exist, that's important.

[LogitechMouse]

No but I'm the kind of person that thinks of 2 sides (sometimes) so there might be a chance in the future only if... if all or most of them will have access into the internet.

I don't know but the Talibans aren't interested in crypto at all or there are no signs of them using them or getting involved to it. The war that happened in the country doesn't mean that they will change currency. Yes the value of their currency dropped massively since the Talibans took over but if good things will happen there (hope so) then there might be a chance that it will recover. They are terrorist after all so expecting good things for them is the one that I will not do.