Saturday, June 22, 2024

Central Bank of Afghanistan: Money-Trading Through Forex Is Illegal

Immigration News

Saqalain Eqbal
Saqalain Eqbal
Saqalain Eqbal is an Online Editor for Khaama Press. He is a Law graduate from The American University of Afghanistan (AUAF).

In a recent statement, the Taliban-led Da Afghanistan Bank stated that money trading and financial transactions through the Forex online application is illegal.

Da Afghanistan Bank, in a statement issued on Sunday, June 26th, announced that it has not licensed or permitted the operation of the Forex online in Afghanistan, therefore, any financial transaction through the online platform is against the law.

The Central Bank of Afghanistan restricts the use of Forex applications in Afghanistan and warns that its usage is associated with multiple hidden financial risks, despite the fact that many people in Afghanistan’s capital and provinces continue to use it.

Da Afghanistan Bank has also stated that it is trying to identify and prosecute anyone involved in the area.

Forex trading entails the speculative purchasing and selling of currencies for profit. It is an internet marketplace where users can save or transfer money from one location to another.

Forex is not only the world’s largest market; it is also the most actively traded. Every day, millions of dollars are supposedly transacted on the Forex online marketplace.

Following the political turbulence in Afghanistan and the interruption of monetary services in the country, the Forex market and other similar online programs have grown popular.

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