Cardano (ADA) Founder Charles Hoskinson Says Crypto Assets Have An Important Role In Fighting The Taliban

Cardano founder says cryptocurrency adoption will increase in Afghanistan (pumpmoonshot)

JAKARTA – Cardano (ADA) founder Charles Hoskinson predicts that Afghans will use crypto assets as a hedge to safeguard their personal finances. He mentioned the importance of crypto's role in countering the power of the Taliban.

Launching Cointelegraph, Hoskinson also mentioned the possibility that the Taliban will embrace crypto assets as well. The ADA founder told CNBC on September 1 yesterday by revealing that “cryptocurrencies will play an even greater important role in Afghanistan […] in the fight against Taliban forces.”

He noted that digital assets could play an important role in offering financial privacy to Afghans after US troops leave the country.

"Afghan's digital life is now under scrutiny, the last two decades are being reviewed by the regime that if you express your opinion in a way that doesn't match their regressive point of view you are now under threat of harassment, imprisonment or even death," Hoskinson said. .

If Afghans use crypto assets they may be able to avoid the Taliban's attempts to track personal expenses or confiscate their crypto holdings. In addition, adopting crypto assets can also save them from the threat of inflation, which is widely discussed by analysts who say that the country will soon face hyperinflation.

In addition, local bank accounts there have also been frozen following instructions from a number of international aid organizations and the United States. Western Union financial services have suspended money transfer services for Afghan residents abroad.

"Western Union understands the urgent need for people to receive funding, and we are committed to continuing operations for our customers in Afghanistan as conditions allow," Western Union said in a statement.

A number of organizations there have decided to accept assistance in the form of crypto assets in an effort to facilitate basic needs and medical care for Afghans.

Based on a data report from Chainalysis regarding the 2021 Global Crypto Adoption Index, Afghanistan ranks 20th with a fairly high crypto adoption rate in recent years.

In addition, a number of other developing countries such as Venezuela, Vietnam, the Philippines, and also Pakistan have high crypto adoption rates. The increasing adoption of crypto assets in developing countries is proving cryptocurrencies to be an alternative store of value amid poor financial infrastructure and threatening inflation.