Cenbank under Taliban control 'prohibits' online currency exchange

At a time when Afghanistan is reeling under a poor economy, the Central bank under Taliban control has announced that it has not issued any licences for online currency exchange activities, thus declaring it 'illegal', according to Khaama Press.

The bank has declared that no company or individual has received a licence to engage in online money exchange and that any such activity is 'prohibited.'

The prohibition of online currency exchanges has been put in place under the Taliban's supervisory and security administration, according to Khaama Press.

The central bank, under Taliban control, has stated that in the event of the arrest of individuals and companies engaging in online transactions, it will take "legal action."

The bank has issued an alert advising people and businesses not to deal with online currency exchanges.

The bank's announcement states: "We urge citizens to refrain from engaging in online currency exchange activities considering the risks, damages, and subsequent liabilities of these transactions."

Earlier, the central bank under Taliban control had declared online trade with foreign currencies in Afghanistan illegal.

Many individuals are turning to internet trade and hoarding digital currencies as a result of the Taliban taking back control of Afghanistan and the escalating economic instability.

Since the Taliban assumed control of Afghanistan, there has been a noticeable shift towards online and digital transactions. However, this transition has also led to an increase in the risks of fraud and deceit.