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The funniest thing is why crypto bros talk about the Venezuelan taxi driver who has to pay Western Union $10 to send money home, and that is most of the justifi
by rr808 1y ago
The funniest thing is why crypto bros talk about the Venezuelan taxi driver who has to pay Western Union $10 to send money home, and that is most of the justification for minting trillions of dollars of riches. Yeah OK Visa/MC have a monopoly but even they are worth less than most bros think.
- gora_mohanty 1y agoDoesn't that exist already? Mobile payment gateways are available in many countries already. India's UPI, for example,had 18+ billion transactions in June 2025, and is entirely free. Yes, the government, and probably financial institutions, do track the transactions
- lmm 1y ago> Doesn't that exist already? Mobile payment gateways are available in many countries already. None of them work cross-border. And one suspects the US Government is working very hard to make sure they never do (look at the money laundering accusations against the Brazilian system for a recent example).
- Integer 1y agoG20 Targets for Enhancing Cross-border Payments[1]: “Reaffirm UN SDG: Global average cost of sending $200 remittance to be no more than 3% by 2030, with no corridors with costs higher than 5%” “75% of cross-border remittance payments in every corridor to provide availability of funds for the recipient within one hour of payment initiation and for the remainder of the market to be within one business day, by end-2027” “More than 90% of individuals (including those without bank accounts) who wish to send or receive a remittance payment to have access to a means of cross-border electronic remittance payment by end-2027” [1] https://www.fsb.org/work-of-the-fsb/financial-innovation-and-structural-change/cross-border-payments/g20-targets-for-enhancing-cross-border-payments-2/ https://www.fsb.org/work-of-the-fsb/financial-innovation-and...
- lmm 1y agoFine words, now let's see if they live up to them.