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This seems like the very essence of money transfer without using the Western banking system, and it's a system that's been around for probably over a thousand y
by vba616 5y ago
This seems like the very essence of money transfer without using the Western banking system, and it's a system that's been around for probably over a thousand years:
https://en.wikipedia.org/wiki/Hawala https://en.wikipedia.org/wiki/Hawala
The US Treasury department has a comprehensive-looking guide:
https://www.treasury.gov/resource-center/terrorist-illicit-finance/Documents/FinCEN-Hawala-rpt.pdf https://www.treasury.gov/resource-center/terrorist-illicit-f...
- exdsq 5y agoHawala is literally the opposite of crypto because it’s entirely about trust and has the same issues of external pressure modern banking has to stop transactions that crypto doesn’t
- vba616 5y agoI don't see how they are alternatives to each other, because crypto doesn't perform the same function. It's only marketed that way. You can be sure a system like Hawala works because actual terrorists have used it forever. Like Toyota pickup trucks. There are notorious pictures of Toyota pickups with frames that have broken in half. Since they have "issues" does it mean insurgents should drive Teslas instead?