War-torn Afghanistan is looking into bitcoin to help rebuild the economy after it was left to dust. The goal is to use cryptocurrency as a new form of money in order to bring back the country in good shape and we read more in today’s latest cryptocurrency news.
The recent Spring Meetings summit in war-torn Afghanistan aimed to issue a sovereign bond or multiple bonds to raise $5.8 billion for new infrastructural projects. The governor of the Central Bank of the country told the Asia Times that the country would try to partner Bitcoin with the $3 million worth Lithium market. The final result will be a digitally signed government bond which investors can get over the blockchain.
The announcement comes after war-torn Afghanistan reached an economic turmoil over the past thirty years. The start of the crash started in the 1970s with a political coup that ended up with the assassination of the president Mohammad Dauod Khan. The tensions led to the Soviet Union invading the country. By the end of the 1980s, the entire country became a soil for fighting between the United States and the Soviet Union.
When the Soviets lost the war in 1989, the United States left the country in the hands of the Taliban which led to the destroying of the country. War-Torn Afghanistan was left with the Wahabbi Islamist group and became the leaders behind the terrifying 9/11 attack in the United States. The group led to the launch of the biggest wars against the Taliban and the United States.
The country was devastated and had its economy destroyed. The GDP of the country dropped during the 1980s by losing capital, transport, infrastructure and much more. War-Torn Afghanistan had its population fleeing the country and the ones who left are leaving in poverty. As the headlines in the best cryptocurrency news sites reported, Afghanistan’s external debt reached high risks. Reports by the International Monetary Fund noted:
“Even a gradual replacement of donor grants with loan financing (a customized illustrative scenario) would quickly lead to an unsustainable debt burden.”
Bitcoin could be the solution for the problem in war-torn Afghanistan since it offers a closer path to international markets.
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