The World Needs Cryptocurrency
Cryptocurrency remittances are now a lifeline for Afghans. Following the U.S.' abrupt departure led Western Union to temporarily cease operations. Banks in Afghanistan also severely limited withdrawals. As regulators in remittance source countries like the U.S. and U.K. turn their sights on crypto, they should remember how indispensable those currencies are to some of the world's most vulnerable.
Crypto will become increasingly indispensable as local currencies—in Afghanistan and elsewhere—become not only difficult to access but unreliable as a store of value. Conflict fuels inflation, which makes currencies less valuable, or sometimes worthless.
If we regulate cryptocurrency transfers to appease the crypto hawks at home, we risk turning our backs (again) on those who need this asset class the most: the Afghan people and many like them.