Herat Crypto Traders Detained as Taliban Enforces Digital Currency Prohibition

Since the introduction of the first cryptocurrency, Bitcoin, on October 31, 2008, the crypto industry has grown tremendously. Almost everyone is aware of this concept, and it is recognized in many countries, including even centralized payment systems. However, there are regions where cryptocurrencies are banned by law, and even tourists can face severe consequences for using them.

Our Coinmooner team wants to report on such an incident in today's news article. It concerns how the Taliban-controlled government of Afghanistan arrested eight crypto traders in Herat for violating the cryptocurrency ban imposed in 2022.

It is also known that in August 2022, the Central Bank of Afghanistan banned the use of cryptocurrencies, shutting down over 30 crypto companies operating in the region. The authorities use the term "haram," meaning things forbidden in Islam, to refer to digital asset trading.

Afghanistan's Crypto Crisis: Traders Grapple with USDT Ban Fallout

Deciding to delve into the details of this incident, Coinmooner aims to provide our readers with more detailed information. It is currently known that the arrested crypto traders admitted to using USDT trading to support their families.

One of the detained crypto traders, in a heart-wrenching account, expressed his uncertainty about the future. He shared that the high prices of goods and the collapsing economy have left him with no other option but to sell USDT, despite the potential danger to his life.

Additionally, Afghans living abroad often use cryptocurrency to send money to their families. Now that digital assets are banned, transfers from abroad take about a week. One of the detainees reported that he received money in stablecoins and bitcoins from his brother living in the United States because the country lacks access to traditional banking services.

CoinMooner would like to remind you that in August 2021, after the withdrawal of US troops from Afghanistan, Taliban supporters came to power, and Afghanistan was cut off from the international banking system. Against this backdrop, a significant portion of the population turned to digital assets as the only possible way to receive financial aid from abroad and protect their savings.

Coinmooner will keep an eye on this situation and let readers know of any new developments. We also remind you that in the Web3 industry, using the most advanced security methods to protect your finances from possible losses is crucial.