PANews reported on April 18 that according to Cointelegraph, as the United States designated the Houthis as a terrorist organization and imposed sanctions on them, Yemeni citizens are increasingly using DeFi protocols to manage their finances. In a report on April 17, blockchain intelligence company TRM Labs pointed out that in the past, due to the impact of the war, Yemen's Internet infrastructure faced challenges and the public had a low level of financial literacy, which led to a relatively low adoption rate of cryptocurrencies; however, there are signs that people's interest in and use of cryptocurrencies is growing out of necessity rather than speculation. For those who use cryptocurrencies in Yemen, DeFi protocols are able to bypass the interruption of local financial services and provide them with a certain degree of financial resilience, especially when the ongoing conflict makes banks difficult to access or unable to operate at all. TRM Labs data shows that DeFi platforms account for the majority of Yemen's cryptocurrency-related network traffic, accounting for more than 63%, while global centralized exchanges account for 18%. Currently, Yemen has no legislation on the use of cryptocurrencies; TRM Labs speculates that the intensification of sanctions against the Houthis may be the fuse that drives the adoption of cryptocurrencies in Yemen.
Yemeni citizens turn to DeFi as US sanctions on Houthis mount
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