Afghanistan turns to Bitcoin to boost the economy

Afghanistan wants to boost its ailing economy with Bitcoin.

At the annual spring councils of the World Bank Group and the International Monetary Fund in Washington, Khalil Sediq, governor of the Central Bank of Afghanistan, told the Asia Times that Afghanistan could issue a sovereign crypto bond using blockchain technology. The aim is to raise $ 5.8 billion to support the country’s critical mining, energy and agriculture sectors.

Afghanistan has been in economic turmoil for the past three decades. The country’s 25 percent population is currently unemployed and lives below the poverty line.

Sediq stated that Bitcoin could be used for a future form of metal like lithium, adding that the value of Afghanistan’s mineral reserves is valued at more than $ 3 trillion. In fact, the country is expected to be one of the world’s largest lithium miners, which is in short supply due to the high demand for electric vehicles.

Christine Lagarde, the IMF’s executive director, said that while she supports Afghanistan’s bitcoin ambitions, she believes that bond issuance over blockchain should be tested in a sandbox environment before it is officially implemented.

Meanwhile, Afghanistan isn’t the only country looking at Bitcoin. Tunisia has set up a working group to deal with the issue of a government Bitcoin bond. The governor of the Banque Centrale de Tunisie, Marouane El Abassi, told the delegates at the spring meetings that his country was already organizing digital cash payments via a Poste Tunisienne system developed by DigitUS Tech.

And Uzbekistan sent a delegation to the event to study bitcoin and blockchain. Uzbek Ambassador to the United States Javlon Vakhabov told delegates that an Uzbek bitcoin bond could be tied to the cotton futures market as the Central Asian nation is the fifth largest commodity producer in the world.

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Afghanistan, Bitcoin, Blockchain, Cryptocurrency, Currency, Economy, Futures, Lithium, News, Tunisia, Uzbekistan, What’s Hot

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