Afghanistan’s Central Bank Bans Cryptocurrencies as Authorities Shut Down 16 Cryptocurrency Exchanges

The crypto market is dwindling like a wild flame ready to give out at any given moment, the price action is all over the place, and the worst thing is that the corrections and the bear market are still thriving after it was anticipated long ago that both would be over and things will get shifted with the bullish economy, but none of that has come to pass.

As for crypto adoption, it is going strong but not in the countries that have strict rules against the use case of cryptocurrencies and giving way to decentralization, such as China which has banned every crypto exchange and turned off every mining station while imposing heavy penalties and fines to those who didn’t heed the warnings of the state and now Afghanistan is doing the same.

Police to Take Action Against Crypto Exchanges and Firms

Police are cracking down a wide operation shutting down crypto exchanges and firms that are set up within the country without permission, closing the shops of those who are involved, and shoving them into jails.

Earlier in June, the country imposed a ban on online foreign exchange trading as the country is already on the brink of a collapse and its financial strength is dwindling. People took to cryptocurrencies because they were unable to make any kind of trade with the outside world, and it is impossible for the sustainability of a country and the inhabitants to survive on their own without engaging in foreign trade.

Police have reportedly checked out all the areas of the Herat village and have arrested those who were engaged with crypto trading and had opened shop around the same business, the shops have been closed, and the personnel has been taken into police custody.

At the moment, it is not clear if the operation was just meant for Herat or if it will be taking place in the rest of the country as well. For now, it has been made crystal clear that the present elected government doesn’t take any shine on cryptocurrencies or decentralization and neither does it want anything to do with it.

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