Afghani Women lost most in Crypto Crash
Afghani Women lost most in Crypto Crash
For many in the western world Crypto Currency is an investment opportunity but for many in other parts of the globe it is a financial life saving tool utilised to bypass sanctions and avoid stringent governments.
At least 2000 women we being paid in Bitcoin once western forces left Afghanistan to avoid harsh laws imposed by the Taliban.
The autonomy of women is not encouraged or supported by the Taliban and prior to western nations entering in 2001 women were unable to participate economically, limited socially and excluded from education and employment opportunities.
Although things got a bit better form women in Afghanistan they still experienced many challenges and barriers to autonomy.
Women's Annex Foundation
To support the development of women's technology skills Women's Annex Foundation was established and trained women up in information technology and offered employment. Delivering digital and financial literacy training it provided women an economic opportunity not ever seen before in Afghanistan.
Once the Taliban regained control of Afghanistan things quickly changed and in order to retain the operation and ensure women were able to participate in the economy the foundation switched from paying women in fiat currency to paying them in Bitcoin.
As Bitcoin enabled the ability to transfer funds from one part of the globe to another without being tracked by the Taliban it was a useful tool in liberating women and providing them with Autonomy.
However, as Bitcoins price continues to plummet in the current market crash the wealth that the women has accrued is quickly diminishing costing the workers significant amount of losses.
The Taliban has already banned Bitcoin and cryptocurrencies stating that it is due to their uncertainty, wagering and harm associated with them which made it harder for these women to be able to trade for local goods and supplies.
Now the wealth they have built is dwindling and they are unable to exit the sector meaning that women in Afghanistan are once again at a disadvantage.
Despite criticism of cryptocurrencies it is clear that many are using them for their success and survival. although critiques are estimating Bitcoin will return to it's former price it is yet to be seen and for the women of Afghanistan they hope to regain their financial independence once again.
Image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services
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https://twitter.com/ValloneSimon/status/1538320814109782016
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That's why portfolio diversification is as much important as stablecoins
That’s sad for them. Not being snake to have financial agency or control sucks and Bitcoin literally fixed that for them now their livelihoods are at stake.
Rooting for everyone who has been affected by this one way or another.
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Same, this is terrible news
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It's sad to see this happen but it's something we can't really avoid because the world is still centralized and we can't really control these governments. We need more crypto off-ramps so they can avoid this control.
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Need a freer world
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They know best.