In these countries, Bitcoin is 'mainstream' for the unbanked

In these countries, Bitcoin is 'mainstream' for the unbanked

ambcrypto.com
3 min read
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Afghanistan has been facing tremendous financial challenges. The World Bank pointed out that  "government revenues fell short of budgeted levels throughout 2021." To meet its liquidity demand, it depended on foreign financial aid while dealing with high levels of inflation. Afghanistan's Bitcoin escape Reports pointed out that foreign aid had halted soon after, which reportedly […]
Afghanistan has been facing tremendous financial challenges. The World Bank pointed out that "government revenues fell short of budgeted levels throughout 2021." To meet its liquidity demand, it depended on foreign financial aid while dealing with high levels of inflation.

Afghanistan's Bitcoin escape

Reports pointed out that foreign aid had halted soon after, which reportedly made close to 40% of Afghanistan's GDP. Moreover, foreign reserves to the tune of $9 billion with the Afghanistan central bank were inaccessible. As a result, the commercial banks were not liquid to support large cash withdrawals by the citizens. However, there was another concern.

Data suggest that nearly 85% of adults in the country were unbanked with only 7% women owning accounts in financial institutions. But, amid all the chaos, reports stated that an Afghanistani robotics team under the Digital Citizen Fund (DCF) successfully fled the country. Roya Mahboob, founder of DCF recently spoke to Thomson Reuters Foundation to explain how Bitcoin helped the escape.

Due to lack of other monetary options, Mahboob said,

"It [Bitcoin] was easy to use, cheaper, and more secure than other…
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