16 Crypto Exchanges halted by Afghan Police

Afghan authorities have closed down sixteen Crypto Exchanges in the Herat province and arrested the staff in a timeline of seven days. Reports say that this is coming three months after the Central Bank (Da Afghanistan) of the Taliban-controlled state banned every crypto-related transaction.

The bank insists that crypto trading is a major concern for Afghans with the surge of scamming tactics used to rob the citizens. Consequently, in partnership with the Police, “all the exchangers involved in the business” were closed and staff arrested.

The Union of Bureau de Change of Herat is in support of the move by the police. According to Ariana News, the union complained of scammers taking advantage of the lack of understanding of the digital assets by the people to scam them. “This currency is new in the market,” said Ghulam Mohammad Suhrabi, head of Herat Money Exchangers’ Union, “and has high fluctuation [rates].”

Read this also:

See why 11 Exchanges are shutting down in South Korea

Traffic offenders in Korea to pay fines in crypto

Wife of Terra founder Do Kwon seeks police protection

Dubai Police launches Blockchain service for lost passport

We will lose national assets

The volatility of the crypto market makes it undesirable for many. Another challenge with the digital asset is that it has different rules that need to be learned. If not understood, and monitored, losses for Afghans will be tragic with assets leaving the nation opined Mawla Alizada, a Herat resident.

Afghanistan has been under the rulership of the Taliban since this year, and in the past 12 months, reports show that Afghans have shown interest in cryptocurrencies with the province of Herat at the top of the list of states.

What do you think of this article? Share your comments below.