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In South Africa, we still have capital controls. My mom earned dollars through PayPal. She couldn't spend it online and had to convert her earnings to Rand with
by nroets 7y ago
In South Africa, we still have capital controls. My mom earned dollars through PayPal. She couldn't spend it online and had to convert her earnings to Rand within 3 months. Bureaucrats will insist that the same rules apply to libra.
India is even less ready for relaxing capital controls. They will tell Facebook to block libra for their citizens or be firewalled. No one is going to jail, but libra will not succeed there.
- Abishek_Muthian 7y agoTalking of PayPal in India, money should be automatically remitted to the bank account immediately. At-least 3 months in SA sounds reasonable incase we have to process any refund, though I'm not trying to belittle the discomfort faced by your mother.
- arisAlexis 7y agothat is why totally decentralised systems such as Bitcoin are important. Noone can firewall it
- JOnAgain 7y agoCapital controls can be an important part of a monetary system. It’s not part of most western countries’ systems, but it’s a very valid tool with a real purpose.
- NicoJuicy 7y agoAnd the people who aren't technical will forget their password. Since there is no centralized government, they lost their money. Source: wrote some articles on my own "media" website to try out SEO. Most popular article, how to recover Bitcoin password