Hawala is closer to traditional banking than is made out to be. Despite the hash code entries there must be a form of eventual resettlement. There must also be

Hawala is closer to traditional banking than is made out to be. Despite the hash code entries there must be a form of eventual resettlement. There must also be a distributed enforcement apparatus that charges its own fees. Also, in many countries hawala operators are 'too big to fail', which is the ultimate proof that they are banks.