Afghan women turn to crypto

New Hampshire-based Afghan social activist and founder of Code to Inspire Fereshteh Forough has found a way to offer students back in Afghanistan education as well as financial support in the form of crypto.

Code to Inspire and Forough turned to Binance to ensure that there would be a custodian and a guardian of all funds.

Then, Forough picked 100 of the worst off pupils and started sending money, with the twist that the exchange agreed to sponsor three months of these remittances.

The pupils were quickly onboarded on Binance and explained how to access it and convert money. As a result, many of the girls may now freely convert crypto currencies through Binance, including Tether USDT.

Since the Taliban took power in Afghanistan in August 2021, the lives of Afghan women have been difficult to put it mildly.  The country’s economy has come to a grinding halt under the weight of international sanctions led by the US, blocking people’s access to essentials such as food or medicine.

Originally, Code to Inspire was based in Herat, Afghanistan, and it was a success. In the period from 2015 through 2021, the school taught computer coding and financial literacy to no fewer than 350 female students, Forough told Business Insider.

Already out of the country, Forough found out that her pupils and graduates had lost their jobs because of new policies introduced by the Taliban.

Because of the sanctions, fiat money has lost a lot of its value while the price for food and medicine continued to climb rapidly.

Forough tried supporting her pupils in fiat money at first, but most transactions were cancelled by Western Union and JPMorganChase, which made her turn to cryptocurrencies.

The solution proved ingenuous, as there were several exchanges in Herat that would gladly take crypto off Forough’s pupils’ hands and flip them back for afghanis or dollars.

In this case, using crypto can allow Afghan women to circumnavigate an oppressive regime whose actions have brought many people below the poverty line.

“And if they got displaced from Afghanistan or any part of Afghanistan, they can also carry their finances with themselves everywhere they go”, Forough concluded.

Source

Updated: 02/09/2022 — 12:00