Bitcoin’s question is in increase in Afghanistan. It reached 20th place globally

A new studio shows that the adoption of the bitcoin in Afghanistan has increased in the past year due to the economic turmoil caused by the takeover of the country by the Taliban.

Afghanistan ranks 20th out of 154 countries ranked in the Chainalysis 2021 Global Crypto Adoption Index, having not been on the list in 2020 due to negligible numbers of cryptocurrency adoption that year.

Vietnam outperformed the index of questyear, which aims to evaluate the adoption of cryptocurrencies by ordinary people. Afghanistan, on the other hand, scored the highest of any Central Asian country.

The index found that total cryptocurrency adoption has increased by more than 80% globally over the past 12 months, driven by in much of it from emerging economies, according to the Arab portal for technical news.

“Our data show that the residents in more and more countries in around the world are diving into cryptocurrency or are seeing an increase in current adoption, “said one post on the blog it describes in detail it studio.

Many emerging markets are facing a significant currency devaluation. This leads residents to purchase cryptocurrencies via P2P platforms to keep their savings.

Others in these regions use cryptocurrency to conduct international transactions. Both for individual transfers and for commercial use cases, such as the purchase of goods for import and sale.

And Google Trends data shows that searches for terms like “bitcoin”and” cryptocurrency “have increased significantly over the past year.

The overthrow of the government of Afghanistan has put a lot of people in financial difficulties. This is due to a combination of bank closures and a lack of liquidity, as well as the suspension of international money transfers from major remittance providers such as Western Union and MoneyGram.

The United States froze nearly $ 9 billion of central bank reserves, while the devaluation of the Afghan currency pushed up the prices of basic goods and services in the country.

Economists have warned of the dangers of hyperinflation for Afghans, as well as a general economic contraction of around 20% quest’year.

The decentralized nature of cryptocurrencies like Bitcoin helps make them an attractive option for Afghan citizens looking to keep their savings or transfer funds overseas.

And the constant supply of bitcoin, just 21 million, makes it inherently anti-inflation, with some cryptocurrency advocates in the country even calling for the introduction of one standard bitcoin to ensure the sovereignty of Afghanistan.

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