Decentralized Finance Adoption in Yemen Amid US Sanctions
Yemeni citizens are increasingly turning to decentralized finance (DeFi) protocols to access banking services amidst US sanctions targeting the Houthi group. Previously, challenges such as internet infrastructure issues and low financial literacy hindered crypto adoption in the war-torn region. However, a report from TRM Labs highlights a growing interest in DeFi driven by necessity rather than speculation. DeFi platforms dominate Yemen's crypto web traffic, accounting for 63% of activity, while global centralized exchanges make up 18%. Some locals utilize peer-to-peer crypto transactions for cross-border fund transfers. With no crypto regulations in place, TRM Labs suggests that escalating sanctions against the Houthis could lead to increased crypto adoption in Yemen. The use of cryptocurrency by the Houthis is expected to expand as traditional financial channels face restrictions, making decentralized digital currencies a more appealing and less traceable alternative. Read more AI-generated news on: https://app.chaingpt.org/news$BTC