RATE Group | Yemen’s Civil War Shows the Dangers of Crypto
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Yemen’s Civil War Shows the Dangers of Crypto

29 Feb Yemen’s Civil War Shows the Dangers of Crypto

Posted at 02:16h in Bitcoin News by

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  • Yemen, home to what the United Nations calls the world’s biggest humanitarian crisis, is in a state of civil war.
  • Half of the country is controlled by the Iran-backed Houthi militant group, which has developed its own cryptocurrency.
  • People from Yemen are often wary of being associated with cryptocurrency, in part because of the Houthis’ crypto efforts.
  • Despite the potential advantages of a trans-national, censorship-resistant cryptocurrency in the country, connectivity issues make it very hard to get bitcoin into this war zone.
  • “It’s too soon for bitcoin,” one researcher said.

So far, it appears using bitcoin (BTC) in a war zone may be riskier than cash, especially when illicit actors use cryptocurrency as well as civilians. 

The ongoing civil war in Yemen highlights the contradictions underlying bitcoin adoption: It’s difficult for civilians to acquire cryptocurrency without heavily regulated infrastructure that makes them vulnerable to coercion and surveillance. Such is…

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