Crypto is now a crucial financial lifeline for millions. Regulators are turning their backs on them

The views and opinions expressed in this article are those of the author.

Cryptocurrency remittances are now a lifeline for Afghans, after the abrupt US withdrawal led to Western Union temporarily ceasing operations, and banks in the country severely limiting withdrawals.

As regulators in remittance source countries like the US and UK turn their sights to crypto, they should remember how indispensable those currencies are to some of the world’s most vulnerable people.

Crypto will become increasingly indispensable as the local currency - in Afghanistan and elsewhere - becomes not only difficult to access but unreliable as a store of value. Conflict fuels inflation, which makes currencies less valuable, or sometimes worthless.

If we regulate cryptocurrency transfers to appease the crypto hawks at home, we risk turning our backs (again) on those who need this asset class the most; the Afghani people and many others like them.











 

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