Cryptocurrency, a decentralized digital currency predicated on blockchain technology, has gained huge universality in the world today and has been used as a mode of exchange in numerous transactions that cut across borders. Let us know ‘Does Yemen accept Bitcoin?’.
In the digital currency space, Bitcoin is arguably the most popular and highly valued cryptocurrency in Yemen and other countries around the world.
From all indications and transactional activities that are evident in this country (Yemen) that has been ravaged by war, it can be deduced that Bitcoin is accepted in Yemen, although it is not farfetched as there is a regulatory oversight on the usage of cryptocurrency. This oversight cannot translate to the regulatory ban on the use of cryptocurrencies, whether Bitcoin or otherwise, among the Houthi militant groups and other civilians as it seems to be quiet on its acceptance.
Bitcoin is accept in Yemen has remained controversial
The argument of whether Bitcoin is accept in Yemen has remained controversial, but there is copious evidence to show that cryptocurrency has been one of the ways the Yemenis (militias and civilians alike) transact their businesses within and outside of the country.
The following have necessitated the usage of cryptocurrency in this Western Asian country, and we will dive into the reasons below:
The Instability of the Country (Yemen Civil War)
Yemen has been ravaged by war and this is linked to the power tussle between the Houthi militia group, which has occupied the northern part of the country alongside the Sana’a Central Bank, and the failing state, which controls the Aden Central Bank and the southern region.
Cryptocurrency is hard to trace and detect
Although Bitcoin does not make payments anonymous, it is difficult to trace. Cryptocurrency has become the mainstay of terrorist financing, especially in a country like Yemen where trading occurs on a decentralized exchange. The lack of regulatory oversight makes transactions conducted in cryptocurrency difficult to trace.
The high level of poverty
The war has taken a lot of lives and left most Yemenis impoverished. This has resulted in some humanitarian contributions around the world. Most humanitarians and philanthropists have provided food for the people of Yemen through Bitcoin, as this seems the most viable way.
Ban the usage of money printed by the Central Bank
In a bid to make popular their e-Riyal, an electronic currency that serves a political purpose. The Houthi militant group has banned Yemenis in the northern part of the country from using the legal tender printed by the Central Bank of Aden as they are blamed for flooding the economy with newly printed Yemeni banknotes. The embrace of an electronic currency has prompted other Yemenis to utilize cryptocurrencies such as bitcoin, even though Yemeni civilians may be targeted if found using this digital currency.
According to Investopedia.com, Bitcoin is a cryptocurrency. A virtual currency is designed to act as money and a form of payment outside the control of any one person, group, or entity, thus removing the need for third-party involvement in financial transactions. It is rewarded to blockchain miners for the work they do to verify transactions and can be purchased on several exchanges.
Is there a growing crypto market in Yemen?
The widespread usage among citizens of the world could also be one of the reasons why the use of Bitcoin, which is a form of cryptocurrency, has gained ground in Yemen. According to https://bitrawr.com, Binance, a cryptocurrency exchange company, has over 28,600,000 Yemeni users. This figure is evident enough to show that Bitcoin and other cryptocurrencies are accepted in Yemen.
Conclusion
Although Yemeni civilians are cautious about being associated with Bitcoin to avoid becoming a target or attracting the wrong type of attention, especially when terrorist groups use cryptocurrency in a war zone like this. Another reason would be the clash for supremacy between the Houthi militia’s e-Riyaland and the government’s printed bank notes.
In conclusion, it is safe to say that even though there is no regulation as to the acceptance of Bitcoin in Yemen, many factors have been pointed out earlier in this article tilt to the fact that Bitcoin is accepted in Yemen.
FAQS
- Is Yemen a popular place to buy bitcoin?
Yemen is a popular place for people to buy bitcoin and is home to many bitcoin ATMs.
- Is Binance available in Yemen?
Eight trusted cryptocurrency exchanges are operating in Yemen. Binance happens.to be the most popular of them.
- What are the eight best exchanges in Yemen?
According to smartbitcoininvestments.com, there are 8 exchanges in Yemen where you can buy bitcoin. These are Binance, Kraken, Coinmama, Local Bitcoins, Changelly, Crypto.com, Bitsquare, and Bitcoin ATM.
- Can you buy bitcoin anonymously in Yemen?
You can buy bitcoin anonymously by using peer-to-peer exchanges like Bisq, Paxful, LocalSwap, and LocalBitcoins.
