Detained employees of crypto exchanges released in Afghanistan

The authorities emphasized that further transactions with cryptocurrency are impossible

31.08.2022 - 13:35

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What’s new? Police in Herat province of Afghanistan released the previously arrested employees of cryptocurrency exchangers. They were told that conducting further transactions with cryptocurrency is impossible, and then released. This is reported by Cryptonews.com, citing the CEO of one of the local exchangers, who wished to remain anonymous. According to him, the sites did not receive a prior warning and did not know that cryptocurrencies were banned. At the same time, he denied information about the seizure of assets from the detained employees.

Information on Cryptonews.com

What is known about the operation of the platforms in the country? Cryptocurrency exchangers in Afghanistan operate on a peer-to-peer (P2P) model, without the involvement of financial institutions. In order to buy or sell cryptocurrency, the customer must be personally present in the office and wait for all transactions to be processed. The transaction is conducted using cash and does not require disclosure by any of the parties involved.

In the 2021 Global Crypto Adoption Index, blockchain analytics firm Chainalysis ranked Afghanistan 20th out of 154 countries.

Last week, it was reported that at least 16 cryptocurrency exchanges had been shut down in Herat. The shutdown was carried out in accordance with a decree banning foreign exchange trading, which was introduced about three months ago.

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