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> in helping dictators evade sanctions Let's be realistic here, most of dictators evading sanctions do it (i) with good ol' bags of $/€/CHF/£, (ii) gold/platin
by shakow 2y ago
> in helping dictators evade sanctions
Let's be realistic here, most of dictators evading sanctions do it (i) with good ol' bags of $/€/CHF/£, (ii) gold/platinum/diamonds/..., (iii) whatever ad-hoc currency satisfies the two parties (promises, shares, goods, ...); in short everything but traceable-in-the-open digital currencies where most of the in/egress feature mandatory KYC.
If you believe e.g. that the US/EU firms still doing business in Russia are doing it in ETH/BTC, I have a port in Serbia to sell you.
- kube-system 2y agoThat's why I specified 'electronic'. Moving physical items around the globe is obviously within the ability of an independent state, but it has logistical overhead. ETH/BTC is comparatively cheap to move.
- shakow 2y agoBut dictators don't want electronic things – especially the one whose very design imply them being fully traceable such as ETH/BTC. If you are in the circles where having to move $10M illegally is a common occurrence, paying a guy $10k to take a train between Russia and China with a bag of cash and bribe the border guards another $10k is much better than trying to weasel your way through the KYC process of Coinbase.
- kube-system 2y agoNo dictator is using Coinbase. Often they get their digital currencies directly, through other illicit activities. e.g. theft, scams, malware, etc.