Afghanistan’s law enforcement closed 16 cryptocurrency exchanges in the western province of Herat last week.
As new laws are being prepared in the crypto industry, overcoming security vulnerabilities also plays an important role in regulations. The fact that malicious people take advantage of this crypto and carry out illegal activities puts countries in a difficult situation. Afghan authorities have also started a movement in this regard.
Afghan Authorities Block Crypto Fraud
Cryptocurrency trading was banned in western Afghanistan’s Herat province about three months ago, and exchanges were shut down. Exchanges that are still active were followed and closed by law enforcement, and their employees were arrested.
The shutdown move by Herat law enforcement was made after the Bank of Afghanistan published a letter stating that digital currency trading is causing many problems and defrauding people.
Stating that people are defrauded through digital currency trading, Ghulam Mohammad Suhrabi, head of the Herat Currency Exchanges Association, said:
“Digital currency accounts are bought abroad and from companies. Our people are not familiar with it, so it is better not to use it. This currency is new in the market and has high volatility.”
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