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No street exchanger is going to take your cryptocurrency and give you money if they can’t get money back out of it.
by fijiaarone 4y ago
No street exchanger is going to take your cryptocurrency and give you money if they can’t get money back out of it.
- monero-xmr 4y agoThey typically send the crypto to a coworker in another country who cashes it out. Crypto has no borders
- threeseed 4y ago> Crypto has no borders At some point you are going to want to cash out your crypto to USD. Which is a regulation point that will need to implement KYC/AML.
- monero-xmr 4y agoIn Lebanon, $500 USD goes a long way, and a lot of KYC rules are under that limit. All manner of mechanisms exist such as gift cards and cell phone minutes to make conversion without KYC. And to be honest the entire KYC system is pretty ineffective anyway, a straw man can be found extremely easily if they have a pulse and a valid ID card. I’m sorry the truth doesn’t match what you want but this is reality I’m speaking of.
- threeseed 4y agoThat's fine you can keep your $500 USD transactions. I am talking about the larger financial transactions that actually underpin the global economy. And for those crypto very much has borders.
- throwaway290 4y agoI think it's clear that this whole process is not really circular and hinges on people who collect bitcoins thinking they will keep growing in value. These folks are willing to not be able to get out for now, but they will be making a hell of a lot of effort to push the croins onto all of us because it would put them right at the top of the pyramid along with Satoshi and friends.
- int_19h 4y agoHawala has been a thing long before crypto, with plenty of experience creatively dodging such regulations. And I would expect there to be a considerable intersection between the two in a place like Lebanon.