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Unless of course you try to transmit it to someplace your bank or the government doesn't like, or the bank has dumb AML controls. In which case the transaction
by ty6853 2y ago
Unless of course you try to transmit it to someplace your bank or the government doesn't like, or the bank has dumb AML controls. In which case the transaction will likely get held up if it can be sent at all. If you try to transfer from somewhere boring like from the USA to Canada of course you can send $25k no problem (most of the time anyway, my bank has interrogated me and locked up my account before for attempting to send $1500 to my wife until I gave up and just used cash).
Meanwhile you could transfer $25k in crypto to Dubai and walk away with it in cash at an OTC desk in an hour via a wallet to wallet.
- galactus 2y ago“ Meanwhile you could transfer $25k in crypto to Dubai” Thats a use case 99.99999999999999999% of humanity does not care at all about.
- ty6853 2y agoDubai / UAE is about the largest per capita inflow of high net worth individuals, and even on an absolute basis has one of the highest immigration inflow of high net worth individuals. Yes if you are poor as dirt and can just take your life savings of <$10k (probably 99% of humanity) on an airplane if you need to use it in another country, you can do so no problem and you do not care, the idea of a crypto OTC desk likely does not even occur to you. It is still solving the same problem, but by being small enough that no one cares. The data pretty well speaks for itself. Humanity with money cares a lot about escaping capital controls. This is inviolable, the more the banking system handicaps itself the more capital flows into less regulated products.