Taliban dominates banking system and shows need for Bitcoin

The withdrawal of US troops from Afghanistan not only generated political turmoil but also revealed the problems of a centralized banking system. In the midst of a humanitarian crisis, the need for Bitcoin in Afghanistan becomes more evident.

For those who have been living under a rock for the past few weeks, the Biden administration has announced the withdrawal of US troops from Afghanistan.

As a result of the withdrawal of US troops, the Taliban terrorist group seized 26 of the 34 provincial capitals, forced the Afghan president into exile and the country’s banking system to collapse in less than 7 days.

Twitter reports claim that most bank branches have closed and people are unable to withdraw their funds. Those that are open face huge queues, as shown in the image below:

Queue of people trying to withdraw money
Line of people to withdraw money from bank in Afghanistan. Source: Twitter

In addition to killing opponents and confiscating their property, the terrorist group forces all women working in banks to leave their jobs, under Sharia Law issued by the Taliban.

“It’s really weird not being able to work, but now this is it,” Noor Khatera, a 43-year-old woman who worked in the accounts department at Bank Azizi, told Reuters.

The crisis affects the poorest who were unable to transfer their resources and wealth before the takeover of the terrorist group, as journalist Sucheta Dalal notes:

“Heart touching !! All the privileged people left a long time ago with their funds transferred.”

“How much family wealth is being confiscated in Afghanistan right now? Imagine if people rushing to leave could leave the country with the monetary energy of their lives stored in their heads. #Bitcoin is hope. #Bitcoin is economics. #Bitcoin is not force projection.” – commented bitcoiner GregZaj.

Bitcoin allows you to store your fund access keys in words, literally in your head. The network is decentralized and even allows the receiving/sending of assets via satellite and radio transmissions.

$7 trillion in 2 decades

It is not just the citizens of Afghanistan who are footing the bill for a misguided war and retreat.

The US government spent $7 trillion from taxpayers to maintain a fruitless invasion of the Middle East country. Money that the government itself did not have/has and therefore needed to borrow.

“Our government stole trillions in value from us to fund a war that did nothing but bring death and destruction to millions. #Bitcoin can’t come fast enough,” said Bitcoin Core developer Jimmy Song.

The state is showing once again that it cannot take care of the people’s money, traditional banking systems are proving fragile amid a world influenced by extremists from all sides.

Isn’t it time for the separation between currency and state?

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