Afghan Citizens Turn to Stablecoins to Protect Their Wealth

Following the Taliban takeover of Afghanistan in August 2021, citizens have now turned to stablecoins in the hope of protecting their wealth and keeping it out of the Taliban’s reach. Afghanis Turning to Stablecoins Over Bitcoin Afghani citizens are worried amid reports of the Taliban raiding properties and seizing people’s assets, which are luring them to embrace cryptocurrencies as a form of savings. According to a recent report from Bloomberg, executives from Maihan, a crypto exchange located in Herat, Afghanistan’s third-largest city noted that demand for crypto is high, and people are no longer storing their wealth in cash or jewelry but preferring crypto instead. However, their focus remains not on Bitcoin (BTC) but rather stablecoins which are digital currencies pegged to fiat currencies. Stablecoins were specifically designed to eliminate the volatility in value that accompanies most crypto assets. By converting their wealth to stablecoins, Afghans are able to mitigate the effects of the devaluation of their country’s currency. In 2021, Afghanistan was ranked 20th among 154 countries in Chainalysis’ Crypto Adoption Index. A year before that, the country’s crypto presence was so minimal it was not even considered for any rank.The post Afghan Citizens Turn to Stablecoins to Protect Their Wealth first appeared on Cryptoknowmics-Crypto News and Media Platform.The post Afghan Citizens Turn to Stablecoins to Protect Their We...