Sunday, September 24, 2023

Taliban bans crypto in Afghanistan, arrests 13

Taliban’s ban on crypto trading mirrors the sentiment of Indonesia’s National Religious Council, which forbids cryptocurrency for Muslims.

• August 29, 2022

The Taliban has imposed a nationwide ban on cryptocurrencies and has begun arresting Afghans who defied the ban.

Sayed Shah Saadaat, head of criminal investigations at the police headquarters in Herat, disclosed to Bloomberg that Afghanistan’s central bank imposed a nationwide ban this month. 

“The central bank gave us an order to stop all money changers, individuals, and businesspeople from trading fraudulent digital currencies like what is commonly referred to as Bitcoin,” Mr Saadaat said

He added that 13 people were arrested, most of whom were released on bail, and over 20 crypto-related businesses have been shut down in Herat, Afghanistan’s third-largest city. 

Afghans quickly adopted crypto to move money in and out of the country after the Taliban reclaimed Afghanistan. 

World powers shut the middle eastern government out of SWIFT, the global banking system, in line with sanctions levelled on the militant group. 

Last year, the data firm Chainalysis ranked Afghanistan 20 out of the 154 countries it evaluated in terms of their crypto adoption.

The United States stopped transfers of dollars to Afghanistan’s central bank and seized its $7.1 billion in assets. 

France and Poland-based firms with contracts to print Afghan currency also halted shipments following the start of the new regime in Afghanistan.

In February, the Taliban said they would consider whether digital tokens are allowable under Islamic financial practices. 

Afghanistan has now joined China, which declared all crypto transactions illegal in September 2021. 

The declaration of crypto trading as “fraudulent” mirrors the sentiment of Indonesia’s National Religious Council, which forbIds cryptocurrency for Muslims, stating that the digital currency does not follow Sharia tenets and should not be used by Muslims.

The council’s head of religious decrees, Asrorun Niam Sholeh, said crypto had elements of uncertainty and harm, forbidding it as a payment option under Sharia law.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State


Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”



NDLEA intercepted four tons of illicit drugs in seven states in one week: Official

“Two suspects, Auwal Mohammed and Abdullahi Abubakar have been arrested in connection with the seizure,” he added.

Minister of Niger Delta affairs Abubakar Momoh


FG seeks support of traditional rulers to end insecurity in Niger Delta

According to him, they have visited Rivers, Bayelsa, Akwa Ibom, Cross River, Ondo and Edo.

President Bola Tinubu and UAE President, Sheikh Mohamed bin Zayed

Hot news Home top

Atiku’s office releases top 10 ‘big lies’ of Tinubu’s government

“Tinubu’s only plan was to use propaganda to deceive Nigerians rather than do any proper work in rescuing citizens from the bottomless pit of bad governance.”

House of Reps


Reps to ensure 14 million out-of-school children return to classroom

Mr Aliyu said the committee had several engagements with the relevant agencies in the past week with favourable responses.

Pollution in Ogoniland


Stakeholders appeal for justice in Ogoniland

He assured that the actions revealing the injustices in Ogoniland would be carried out in Ogoni and Abuja.

Inspector-General of Police, Olukayode Adeolu Egbetokun


FCT residents decry rising kidnapping, robbery; demand urgent action

They urged security agencies and the FCT Administration to take urgent measures to save residents from the criminals.