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Yemen | Major Bank Suspends Operations Amid Humanitarian CrisisYemen | Major Bank Suspends Operations Amid Humanitarian Crisis
The International Bank of Yemen suspended all operations following recent sanctions imposed by the U.S. Treasury Department. The shutdown puts pressure on Yemen’s fractured financial system, where two rival monetary systems and currencies operate in parallel: one under the internationally recognized government in Aden and the other controlled by the Houthis in Sanaa. Across both regions, prices continue to rise, salaries go unpaid, and public services are deteriorating. As confidence in formal banking erodes, some Yemenis have found safety in Bitcoin and stablecoins to store and move value outside the country’s fragmented banking infrastructure.
I know I have financial privilege but can we please stop calling stablecoins safe!! And are a some sort of freedom money
Pulled this from the HRF newsletter. Stablecoins have a use case but they are far from safe!! Just like dollars in a bank account stablecoins can be turned off at will
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