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"The primary beneficiaries of this will be organised crime, who will now be able to wash the Bitcoin via El Salvador to convert it to dollars ..." This bitcoin
by rsync 5y ago
"The primary beneficiaries of this will be organised crime, who will now be able to wash the Bitcoin via El Salvador to convert it to dollars ..."
This bitcoin to dollars confluence is even more interesting in the case of El Salvador where the US Dollar is the official currency.
When you are in El Salvador you use actual, physical US Dollars for all cash transactions.
This is not a de facto standard as in some other countries - it is the official legal currency in the country.
So that's interesting in terms of geography, currency usage and the ability to wash bitcoins into (physical) dollars...
- el-salvador 5y ago> When you are in El Salvador you use actual, physical US Dollars for all cash transactions. This is not a de facto standard as in some other countries - it is the official legal currency in the country. El Salvador has very strict cash regulations. Most transactions over $100 in cash require an ID. Even paying for a new laptop in cash would require you to fill a form stating source of income.
- lukifer 5y agoI’d be curious to know if similar regulations will exist for BTC.