A Wall Street Journal report has claimed how bitcoin adoption has catapulted itself in Afghanistan since Kabul fell for the Taliban as citizens scramble for ways to get tough amid political crisis and monetary sanctions by the US and the International Monetary Fund Getting your hands on money (IMF). The report also commented on how such a move could “raise security concerns” if the Taliban itself were able to circumvent US restrictions on Bitcoin, an unfounded FUD that is on Bitcoin itself and the associated risk to control of the Aims world power.
However, the Taliban only have access to a small percentage of the Afghan reserves, and Bitcoin can do more for the Afghan people than for those in control of the interim government. What WSJ misses is the broad empowerment Bitcoin can offer anyone faced with arbitrary totalitarianism, restrictions, and sanctions, as well as the lack of standardized treatment of US foreign policy towards countries and economies that do not respect human rights.
Ever since the Taliban took control of Kabul, the capital of Afghanistan, sanctions by governments around the world have prevented ordinary people from accessing their savings. Hundreds of Afghans crashed into a wall as they rushed to banks to withdraw money when Taliban fighters took over their capital. Intense restrictions and tight liquidity from abroad made life difficult for the residents of Kabul, many of whom were unable to flee the city with their savings.
The US government has pressured the IMF to stop releasing $ 460 million special drawing rights to Afghanistan that can be exchanged for cash and has confiscated more than 99% of the country’s foreign exchange reserves in New York. In addition, Germany has suspended $ 300 million in aid and the World Bank has frozen its aid mechanism. The international sanctions pose a real risk to the Afghan economy, along with companies like Western Union and MoneyGram that are discontinuing services in the country. With Western companies and governments cutting off Afghans from the traditional financial system, Bitcoin was the most sought-after solution.
“A nationwide cash shortage, closed borders, a local currency hitting record lows, and rapidly rising prices for basic goods; so some Afghans I spoke to are turning to cryptocurrencies like Bitcoin, ”reported MacKenzie Sigalos.
The Wall Street Journal recognizes all of this, but does not understand how important it is for Afghans to have access to neutral, incorruptible currencies. Millions of residents of the Central Asian country have the potential to benefit greatly from the introduction of Bitcoin compared to a handful of Taliban fighters with limited resources.
Perhaps the remarks that Bitcoin could pose a security threat to Western power primarily represent the need to maintain a mainstream agenda that global adoption of BTC, similar to El Salvador, would be bad for the rest of the world by they bitcoin and its energy. Worldwide acceptance means a loss of control of the largest elites and economies in the world.
With a Bitcoin standard, the Central American country can take steps towards regaining currency sovereignty and independence from the IMF and the USA. While it is an experiment, it is certainly a promising and well-founded one. However, it’s inconvenient for those in control of the financial system and money services like Western Union and MoneyGram, which in El Salvador alone could lose millions of dollars in transfer fees every year to the introduction of bitcoins.
Human rights and justice of the judiciary are seldom in the best interests of large economies like the US, as evidenced by the government’s lenient treatment of US bond financings but totalitarian countries like Saudi Arabia. Since a relationship with the Saudi Kingdom favors US monetary policy, the American government does not take an active role in taking measures that violate human rights there. The same is true of China, a country that plays an important role in the American supply chain but employs religiously intolerant concentration camps on its territory.
Bitcoin’s potential scares those who control monetary policy and the world’s international coordination systems because it has the power to give sovereignty to individuals, whether or not they agree with current thought patterns. El Salvador is already showing the world how people and economies can be empowered, and the world’s elites fear that this could reach their doorsteps. But Bitcoin doesn’t care and is already helping millions regain their freedom.