One might wonder why a country as poor as Yemen actually has a high rate of cryptocurrency adoption – and perhaps this is something that needs to be deciphered a little. In many parts of the world where politics and economics are really unstable, cryptocurrencies are becoming almost the only reliable way for people to keep their money together and still be able to do something with it. Banks there often fail, currency quickly loses value, and accessing international transfers is probably almost impossible or really complicated.
People are therefore turning to cryptocurrencies. Not necessarily for investment purposes, but rather to survive. To preserve the value of their savings and be able to buy anything at all. This article looks at six countries where this is happening the most: Yemen, Venezuela, Zimbabwe, Afghanistan, Syria, and Lebanon.
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What is the situation in Yemen?
Yemen has been in a state of civil war since around 2014. You may have noticed this in the news, but you probably forgot about it right away. The country is now divided into several areas controlled by various (heavily armed) groups. All of this has weakened the state and its infrastructure. Banks are essentially paralyzed. Most Yemenis do not have access to regular financial services. And international transfers? Well, those are often closed due to sanctions and isolation. In this environment, cryptocurrencies have become vital.
Yemenis use them for transfers, saving money, paying for goods, and sometimes even to support humanitarian aid. The growth in adoption there is also supported by the illegal economy and local trade networks, where crypto functions as a universal currency. It’s simply not easy to block or track. According to the Chainalysis 2025 Index, Yemen ranks 16th in cryptocurrency adoption. That’s quite a lot, especially when you consider that GDP is low and infrastructure is almost non-existent. Cryptocurrencies have simply become a normal part of life there.
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What about Venezuela?
Venezuela is another classic case where economic collapse and hyperinflation have driven people to crypto. Inflation was basically insane—thousands of percent. This made the domestic currency practically worthless, and Venezuelans couldn’t hold onto their savings. The banking system is limited, and foreign currencies are hard to come by. So people started using stablecoins and other cryptocurrencies pegged to the dollar or euro.
The Chainalysis Index ranks Venezuela 18th in terms of adoption. So yes, it has strong adoption, especially among ordinary people. Cryptocurrency is more of a survival tool there. Venezuelans use it to buy basic goods that would otherwise be impossible to buy due to inflation and limited availability of foreign currencies.
What about Zimbabwe?
Zimbabwe has gone through a lot of currency crises and hyperinflation, so people’s trust in the domestic currency and banks was very low. Banks are limited and transfers abroad are complicated. Cash is often not enough even for everyday purchases. So crypto simply became a tool for storing value and paying each other. Zimbabweans use it to protect against inflation and for trading.
Cryptocurrencies make it possible to secure payments when traditional banks fail. The Chainalysis 2025 Index ranks Zimbabwe outside the top 20, which means that adoption is lower than in Yemen or Venezuela, but still quite significant given the situation. Cryptocurrencies are not primarily used for speculation there; rather, people want at least partial access to financial stability.
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What about Afghanistan?
After the Taliban took power in 2021, Afghanistan faces harsh sanctions. Access to foreign accounts is virtually closed and the banking system is limited. Traditional financial services are almost unavailable to most people. So cryptocurrencies are growing.
Afghans use them for transfers, trading, and storing value, especially in areas where banks do not operate at all. Afghanistan is not in the top 20 of the Chainalysis 2025 index, which means that adoption is more local, but still significant. For people there, crypto is often the only way to have any financial mobility and circumvent problems with cash shortages and sanctions.
What about Syria?
Syria has been affected by conflict for a long time. The infrastructure is badly damaged and the economy is practically collapsed. Banks are limited and international payment channels are blocked by sanctions. Cryptocurrencies there serve more as an alternative for transfers, value storage, and trade. Adoption is lower than in Yemen or Venezuela, probably less than 5% of the population. But for Syrians who have internet and technology, crypto is really essential. Even a small group of users ensures that cryptocurrency functions as a means of countering inflation and banking restrictions. It also enables payments that would otherwise not be possible.
What about Lebanon?
Lebanon has been dealing with a deep economic crisis in recent years. The Lebanese pound has collapsed and banks have restricted withdrawals. Lebanese people with technical knowledge and internet access are therefore turning to cryptocurrencies. They use them to preserve value and transfer money. Lebanon is also not in the top 20 of the Chainalysis index, so adoption is important locally but rather low globally. Nevertheless, crypto makes it possible to circumvent bank restrictions, preserve savings, and make payments. It turns out that for people in economically unstable countries, cryptocurrency is a practical and necessary tool.
The collapse of the banking system does not have to mean chaos and anarchy
In countries with unstable governments, collapsing currencies, and distrust of banks, cryptocurrency is actually the only available and relatively stable alternative. People use them not only as an investment, but mainly as a tool for survival and everyday functioning. This is also the reason why Yemen and Venezuela, for example, despite being economically weak, have such high adoption of cryptocurrency.
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