Explanation

YEM is a blockchain-based digital currency that has been developed in 2016/2017 as an authority-friendly alternative to Bitcoin and other cryptocurrencies.

On July 4, 2014, the European Banking Authority (EBA) published their opinion on ‘virtual currencies’ (VC) versus fiat currencies (FC) (EBA/Op/2014/08):

VCs are a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a FC, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically. The main actors are users, exchanges, trade platforms, inventors, and e-wallet providers.“

While there are some potential benefits of VCs, for example, reduced transaction costs, faster transaction speed and financial inclusion, these benefits are less relevant in the European Union, due to the existing and pending EU regulations and directives that are explicitly aimed at faster transactions speeds and costs and at increasing financial inclusion.

The risks, by contrast, are manifold. More than 70 risks were identified across several categories, including risks to users; risks to non-user market participants; risks to financial integrity, such as money laundering and other financial crime; risks to existing payment systems in conventional FCs, and risks to regulatory authorities.”

YEM has been developed to eliminate or at least to reduce the risks as described in the EBA letter, and at the same time fulfilling all legal requirements and potential future regulations.

Thus, YEM is not a cryptocurrency, but a digital currency!

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Explanation

Fiat currencies like the U.S. Dollar and Euro have some fundamental flaws built into their systems, the first being that they can print as much money as they want, and the second is inflation, which happens because they keep printing more currency, thus lowering the value of the currency as a whole.

The total supply of YEM is strictly limited to 100,000,000 (one hundred million) and nobody has the power to change it. As a blockchain-based digital currency, the maximum supply is written into the smart contract for YEM, which cannot be manipulated by anybody.

On September 1, 2022, the Sovereign Order Bene Merenti (SOBM) publicly announced that they decided to use YEM as their official fiat currency. Their central bank named Bank Bene Merenti (BBM) still cannot ‘print’ any additional YEM.

Additionally, more and more countries are in the process of setting up regulations for cryptocurrencies and other blockchain-based currencies. Following these regulations, YEM is a legal substitute form of payment in many countries, replacing the fiat currency in these transactions.

In Europe, YEM is widely used as liability capital by companies from small LLC’s to publicly traded corporations. Additionally, YEM is used to substitute fiat currencies in real-estate contracts and other notarized agreements.

Thus, YEM is not a fiat currency, it is a digital currency, that is used like a fiat currency!

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Explanation

In 2016, the SafeZone, a privacy-focused network of websites with more than 3 million members from around the world, was looking for an alternative form of payment especially for small international payments from and to their members.

Bank wires, credit card payments and payment processors like PayPal are causing high fees, especially when one fiat currency needs to be converted into another national currency. Thus, they investigated and analyzed Bitcoin, blockchain technology, and the fast growing cryptocurrency market.

They found that while the technology is very promising, the crypto market incl. Bitcoin was very volatile, dominated by speculative trading, and highly manipulated. Thus, they decided to establish their own digital currency, which is designed from the start to both eliminate or at least to reduce the risks as described in the 2014 European Banking Authority (EBA) letter.

In 2017, they presented their concept to the about 3950 founding members of the SafeZone project, and asked them, if they would like to be co-founders in this digital currency project and 3725 voted in.

From then on, in democratic polls, it has been decided to establish a non-profit foundation, to limit the supply, to develop their own blockchain and such. Even the members of the foundation's board are elected by all YEM Holders every 3 years, making YEM a true digital currency powered by the people - making it truly Your Everyday Money.

Thus, YEM is created and driven by its community!

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Explanation

While all fiat currencies are issued by governments, and most so-called cryptocurrencies have been created by a small group of individuals or as a start-up company, YEM has been founded by 3725 Co-Founders from around the world. These Co-Founders established the YEM Foundation as the official regulatory authority for the YEM digital currency.

The YEM Foundation is registered in the United States of America and in the European Union with representatives in 5 continents. It is registered with the United Nations (UN) as a non-governmental organization, and it is listed at the Union of International Associations (UIA) as a supporter of 11 UN Sustainable Development Goals including ‘No Poverty’, ‘Zero Hunger’, ‘ Economic Growth’, and ‘Responsible Consumption’.

The Board of International Directors (BID) of the YEM Foundation is democratically elected by all YEM Holders (1 YEM = 1 Vote). The BID is representing the YEM Foundation at governments, authorities, central banks, and the UN.

Since September 1, 2022, the YEM Foundation is accredited by the Sovereign Order Bene Merenti (SOBM) and their central bank Bank Bene Merenti (BBM) as a regulatory authority.

Thus, the YEM Foundation is not a company, but a non-profit INGO and financial authority!

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Explanation

Any legal multi-level marketing project is built around a product or service. Now, based on your success within their multi-level system, you can reach different levels, most likely by inviting other people to join the multi-level scheme. Beside fancy titles like ‘Super Double Diamond Team Manager’ you will receive higher commissions on your own sales and a growing over-head commission on the sales of your downline.

Pyramid schemes are forbidden by law and can be described as a multi-level marketing without a product or service.

Both schemes pay commissions in a certain currency, but that does not make the currency a part of the scheme.

If any legal multi-level marketing project would decide to pay commissions in YEM, they would be allowed to do so as any other legally registered business.

If any pyramid scheme would decide to pay commissions in YEM, the YEM Foundation would take action and protect YEM Holders from such activities.

Thus, YEM is not a multi-level marketing or pyramid scheme!

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Explanation

The value of YEM is calculated by an algorithm which has been developed to reduce volatility, and to determine a fair value for YEM based on the number of users, the number of transactions, the volume of transactions, and other markers.

At the same time, as the value of YEM is displayed in U.S. Dollars as the official reference currency, economic markers like the inflation rate and the purchasing power of the U.S. Dollar are part of the algorithm as well.

Thanks to the algorithm, speculative trading and manipulation of value is literally impossible with YEM. Thus, businesses around the world are willing and able to accept YEM as a form of payment, and keeping YEM as a storage of value, e.g. as a capital reserve or as liability capital.

Additionally, the YEM Foundation is setting a range of minimum and maximum value for the YEM below and above the current value, adding even more stability for YEM.

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Explanation

Shopping with YEM

Some people think that they need to wait until a certain business declares to accept YEM before they can pay with YEM. Correct is, as long as payments with digital currencies are legal in your jurisdiction, you can offer any business to pay with YEM.

Thousands of YEM Holders have done so in the past and it happens every day all around the world. At www.paidwithyem.com members are uploading what they bought with YEM.

YEM as a storage of value

99.9% of all money is fiat currency. Nowadays, all fiat currencies face inflation and loss of purchasing power. YEM is an interesting option to store value until the rough times are over (or the financial system collapsed).

YEM for businesses

There are many use cases for YEM in the business world. You can use YEM as liability capital, as a capital reserve, and as collateral. You can pay bonuses to your employees in YEM, and Digital Cashback to your customers.

No speculative trading

While Bitcoin and literally the whole crypto world is dominated by speculative trading, YEM is built for stability. Thus, YEM is not for speculative trading.

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Explanation

An authority-friendly digital currency needs an authority-friendly blockchain. Thus, a team of experts developed a state-of-the-art system exclusively for the YEM Foundation - the YEMCHAIN.

For maximum security and protection, every YEM Holder needs to go through a KYC (know your customer) process. Thus, we know the tax country of each holder, and the tax value of every single transaction can be stored on the YEMCHAIN for the sender and the receiver in their respective national fiat currency.

We don’t know, if the sender or receiver have to report to their tax authorities, but with YEMCHAIN, it is an easy process.

Additionally, YEMCHAIN has been designed to be home for other digital assets, contracts, and ledgers, making it a one-of-its-kind platform for all kinds of digital ledgers and transactions.

Thus, YEMCHAIN is the perfect blockchain for YEM!

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Explanation

More than 90 years ago, in August 1932, the charitable Order Bene Merenti has been established. It is a small, but independent order, and by its statutes, it is neutral regarding religion, politics, and social characteristics.

20 years ago, in November 2002, the SOBM has been acknowledged as sovereign by the Latvian Parliament.

1 year ago, in September 2021, the SOBM decided to have their own fiat currency for faster and easier payments related to their international charitable activities. After an intensive due-diligence process, they decided to have YEM as their official legal tender.

On September 1, 2022, the SOBM announced the launch of Bank Bene Merenti (BBM), which is now the world’s first central bank supervising YEM, while the YEM Foundation is still functioning as the regulatory authority for YEM.

BBM is now in the process of fully being set up by a team of experts, and at the same time, the YEMChain is being upgraded to be compatible with the fiat currency world.

Bank Bene Merenti is the world’s first central bank for YEM!

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Explanation

Due to the fact that YEM has been created from the beginning to solve, eliminate, and reduce risks of cryptocurrencies, people who are fans of other cryptocurrencies do not like YEM because it is competition to their preferred cryptocurrency.

Then, on the other side, since YEM is non-inflationary, and also solves many challenges in the fiat currency world, authorities, central banks, governments and others do not like YEM because it is competition for the fiat currency world as well.

Some websites create so called click-bait headlines and articles, because they make money from displaying ads, in some cases they even might get paid for spreading fake news. So, some people and organizations like to talk trash about competition instead of taking an honest look at what they have and working to fix it or do something better, therefore these kind of attacks happen from time to time against YEM and everything associated with it.

The good news is that the YEM Foundation is fighting to defend YEM against these baseless and false allegations, so if you see something that does not seem accurate, be sure to report the link to the YEM Foundation, so that they can follow up on it and do the needful to continue protecting YEM.

Thank you!

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Explanation

When you search for info about YEM and YEM Foundation, you can find some disturbing fake news and at least misleading statements. Whenever we are aware, we try proactively to solve it. But, unfortunately, some sources are not interested in fixing it.

Example 1: Defamatory news articles

Main source of these articles is a news outlet named “Weekly Blitz” from Bangladesh. Salah Uddin Shoaib Choudhury, the owner and publisher has a long history spreading defamatory articles, getting sued, convicted, and jailed:

https://en.wikipedia.org/wiki/Salah_Choudhury

https://dominicanewsonline.com/news/homepage/news/general/blitz-editor-arrested-in-fraud-case/

https://cpj.org/2022/03/bangladeshi-journalist-salah-uddin-shoaib-choudhury-faces-digital-security-act-proceedings/

https://www.refworld.org/docid/5a5c92eda.html

After he published his first articles about YEM, the YEM Foundation claimed their right of reply, right of correction, and right of erasure:

Letter to Weekly Blitz

They refused, therefore YEM Foundation took legal action and is in the process of filing criminal complaints in different countries. It might take more than a year until this is solved, but it is important to know who the source of these defamations is.

Unfortunately, other news outlets simply copy and paste such fake news without any investigation. Please report any article, blog post, or other publication in this regard. Thank you!

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