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There are other systems to exchange fiat for crypto, including but not limited to in person transactions and peer to peer marketplaces.
by aledalgrande 5y ago
There are other systems to exchange fiat for crypto, including but not limited to in person transactions and peer to peer marketplaces.
- monkeydust 5y agoPeer to peer as in DEXs such as uniswap, sushiswap? They will be more challenging to regulate for sure. I kinda see this regulation and others coming as a way for authorities to keep control of current financial establishment...hence also lot of talk about central bank coins ...very interesting to see how this plays out in next 5yrs
- api 5y agoSure, but in person transactions don't scale well and if you act as an in-person money changer for large amounts of money you are likely to be criminally charged for unlicensed banking or money laundering. Most of the ones I've seen limit exchanges to less than a few hundred dollars to avoid bringing down the hammer on them. (It can technically still be illegal to exchange small amounts, but if the amounts are small authorities are less likely to bother.) They work for hobbyists messing around with crypto and people who want to buy small amounts of droogs on black/grey markets, but aren't going to allow crypto to be mass adopted. P2P marketplaces can record an exchange, sure, but how do you actually send or receive large volumes of Euros, Pounds Sterling, or Dollars without casting a "summon police" spell?