Crypto Trading Hub – The Swiss National Bank (SNB) has made it a very merry Christmas for Swiss crypto lovers by partnering with the Bank for International Settlements (BIS) and transforming SIX Digital Exchange (SDX) to launch a blockchain hub. The project, which comes 18 months after SDX announced its first entry into crypto trading, marks an increase in legitimacy for the growing market in the country.
The center, which was first announced in October, will focus on identifying the types of technologies that connect the central bank and expand the entire financial system by integrating experts again to help create public jobs.
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The center will host two projects at launch, with Singapore, Hong Kong, and Switzerland itself expected to be beneficiaries. One project, a joint venture between SIX and the SNB, focuses on investing central bank money in a distributed ledger technology (DLT) system, with money used to control tokenized assets between financial institutions.
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The second project focuses on the increasing demand for central banks to regulate electronic markets, taking advantage of the technological advances that blockchain can provide to achieve this. .
SIX, the parent company of the largest Swiss stock exchange, has been very active in promoting cryptocurrencies in the country since they announced that they entered the space in July 2018. Four months after the launch they listed the first crypto exchange in the world product (ETP), followed in July this year by a general request to the SNB to consider a stablecoin for seats. It would be surprising if not a part of SNB, SIX, and BIS was registered, which means that we can wait for more on the subject in 2020.KABUL, Afghanistan – The Taliban recently imposed a ban on it. trading in cryptocurrencies in the war-torn nation. However, for its devoted devotees, the decentralized financial system is a vital lifeline amid times of crisis and uncertainty.
“Crypto trading turned my life upside down,” Syawash, 24, told me one afternoon in the garden of a quiet cafe in the heart of Kabul. “Last year, I did not make the best choices, but I keep these shares and trade every day, targeting a different currency every day. I know in the future I will make a lot of money from it.
In mid-August, the Taliban regime – known as the Islamic Emirate of Afghanistan – briefly banned some forex traders, fueling speculation that crypto would be banned amid concerns about fraud and scamming.
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However, crypto advocates like Syawash show a lack of awareness before exploitation and fraud. In his opinion, some new cryptocurrencies bought money that fell quickly and cannot understand why the money disappeared; the money is decreasing every day.
“They believe that the sellers were copying and selling cryptocurrencies, so they filed a case against them in the Taliban,” explained Syawash, adding that there is another case in Kabul in the period of the last Republic. The leading Forex company deceived investors by claiming to trade for them when in reality it was only working on their servers and then stealing money. “Because of these cases, the Taliban banned crypto.”
The supporters of Blockchain-powered digital currency are deploring the change in policy against digital currency to the detriment, especially the small but important crypto space in giving some Afghans a hold on the financial sector afloat in the months after the rapid rise of the Taliban. in power and the withdrawal of the United States in August 2021.
After the fall of the US-backed government of the Islamic Republic, the Islamic Emirate was hit with international sanctions, which led to the drying up of assets and the withdrawal of international donors. The dire situation has led many Afghans to turn to digital currencies and stablecoins to feed their families, as all Afghans find it difficult to get their own money from ATMs – limited to withdrawing no more than $200 per week and forced are lined up for days. on the end. only to carry a limited quantity.
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“When the money was closed in the country, it was the crypto that people sent that helped the country, and it was one of the best ways because it was very low in fees to transfer money,” he said, referring it’s cryptographic. trade It has helped Afghans avoid cash shortages and high commissions that come with wire transfers and the traditional hawala banking system.
Before the Taliban crypto conflict, Afghanistan was recognized as an emerging crypto hub, ranked 20 out of 154 countries by Chainalysis’s 2021 Global Crypto Adoption Index. In addition, it is estimated that the use of crypto in the first years of Taliban rule was 80 percent.
The Syawash box came into the business at the end of 2019, when the security situation decreased significantly, and many Afghans lost their jobs. As an IT professional, he started researching the crypto arena and learned the ins and outs from free online courses and YouTube tutorials from India.
In the beginning of 2021, Syawash became the country for everyone and therefore launched its online courses – including beginners, intermediate and advanced – under his own company, Afghanistan Cryptocurrency (ACA).
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Syawash also recognizes the benefits of trade and change for women in the long-suffering country, such as a reduction in the risk of cash grabs. In addition, he taught about 86 women the basics of crypto. Although the figure is low compared to the hundreds of men he has studied, it is certainly a start.
However, crypto or not, Taliban top-brazen are confident that the country will get back on its own feet.
“Economically, the government has improved its relations – especially with the likes of India and China focusing on the mineral sector and other resources,” a Taliban official said in a final statement. “And the country has never had this kind of peace and security. So it is progressing, step by step.
There are some crypto exchanges that operate under the radar, although all are closed, to say the least. Crypto Exchange in Afghanistan uses a peer-to-peer (P2P) model, where the customer goes to the exchange in person to buy and sell crypto and stays there until the service is complete. Transactions are based on cash, and no additional transaction reporting is required.
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I learned to buy and sell crypto in four exchanges in Kabul, Mazar e-Sharif, Herat and Nimroz, paying 2.5 percent and 3.5 percent commission. Flags and symbols are removed from outside, but those who know, know.
Thousands of devotees regularly join virtual groups and streams, mainly on social networks such as Telegram and WhatsApp, to bet on unchanged currencies and offer tips and advice on where to sell and buy.
“When (news) a ban came, everyone was afraid. I received messages from the Taliban to stop. No one can prevent or ban cryptography like the Internet, but he can not do it in public, “said Syawash. “Students come to me, ask for classes, but when I tell them to wait.”
However, despite the ban, combined with the general fall in crypto assets in most of the market, Afghan enthusiasts continue to believe that digital currencies are the way of the future.
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“I see a future; if it can be fixed in the next five or six years, it will be the biggest in the country,” Syawash said.
Solomon bin Shah, Deputy Minister of Finance under the previous government – who lives in Kabul as a financial expert in the private sector – also hopes that crypto will one day have a greater place in the Afghan group, although with some opposition.
“There is a part of the society that knows crypto and understands crypto and is connected to crypto, and it will not stop even if the ban of the Taliban because (there are no) tools to protect the Internet,” he explained. “But it’s not going to increase anytime soon, not until (more people) understand crypto.”
“They (the Taliban) are surprised when you talk to them about it, but because they don’t understand (much) the subject, they lose interest in a few minutes,” bin Shah said. “However, it can be a supplement to (Afghan currency), but I do not see a substitute.”
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Despite this, Syawash maintains that the Taliban knew about digital currency before it was discovered.
“I know someone (Taliban) who trades cryptocurrencies, people from the banking sector and the Ministry of Finance,” he said, has time. “I don’t know why they didn’t raise their voices.”
Hollie McKay has reported extensively in war zones such as Iraq, Syria, Yemen, Afghanistan, Pakistan, Burma, and North America investigating international conflicts, war crimes and terrorism around the world. Follow him on Twitter and Instagram @holliesmckay Choosing a cryptocurrency trading platform can be a difficult task today. From market traders and
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Originally posted 2023-11-06 08:23:41.
