Clearly your situation of trying to obtain residency in the Comoros by investment would raise eyebrows at banks whose job it is to monitor tax compliance. I don't think you're describing an everyman kind of scenario.
I also don't entirely understand why you're even rationalising the purpose of the account to the bank. Can't you just open an account for any purpose? It takes me five minutes to open an account online, and I've never once been asked to explain or justify anything (in many decades). I use my accounts robustly, including for international transfers (I've lived on two continents in the last four years). I even once paid for a trip to North Korea out of an ordinary bank account. My bank never batted an eye.
Maybe you're just dealing with a bad bank, or an over-regulated banking system (Europe?). You realise you can walk into any US bank right now and they'll just open an account for you with nothing more than some accurate ID? And the same holds for much of the rest of the world? The problem you're trying to solve is already solved.
>> The other example is somewhat concocted but rooted in the time I spent in Iraq and noting almost all transactions are performed outside the banking system, in part because banking is inaccessible and people often don't have access to KYC documents.
Unsophisticated semi-literate farmers are the last demographic anyone is reasonably expecting to open their crypto brokerage accounts and start trading synthetic USD derivatives.
These are just not realistic scenarios. This is what people say when they rack their brains trying to come up with some reason stablecoins might be useful. I feel like you're just confirming that they're a solution in search of a problem.
> You realise you can walk into any US bank right now and they'll just open an account for you with nothing more than some accurate ID?
There's an ocean in the way, not to mention how risky visiting looks right now. I changed my name recently and the one US bank that I managed to get an account with (so that US clients can pay me without weirdness) won't accept any kind of documentation without going there in person (and I'm not sure I can provide anything they'll accept even if I did go there in person). What now?
Well no matter what you say it's always nuh uh, doesn't count or some variation of why can't you just be an "everyman." It's hard to argue with a dogmatic position that is based on feelings. You can tell such person what's actually happened to me when I tried to open an account with only "accurate ID" (a US passport) and they literally won't do it while you are homeless because they require a proof of address for KYC even if you have none. Almost everything they have asserted is plainly false. They also claim to have used their bank account to pay for trade in North Korea, a comprehensively sanctioned entity, which seems to be a public written confession of committing a serious crime just to own the crypto use crowd for internet points lol.
People in the middle bands of uses are just ignorantly bliss. And moving between "2 continents" in some vague most likely semi-developed white listed countries in most cases doesn't fall outside the middle bands of uses. So you end up with people shaking their fists at the sky crying that crypto exists, with their fingers in their ears and loudly proclaiming anyone using it are just making up absurd contrived scenarios.
>> They also claim to have used their bank account to pay for trade in North Korea, a comprehensively sanctioned entity, which seems to be a public written confession of committing a serious crime just to own the crypto use crowd for internet points lol
Lol. Thanks, Mr Google Esq.
I was indeed in North Korea. It was not particularly hard to get to before COVID (I'm told it's harder now). You have no idea what the laws of my jurisdiction are were at the time I went, or the purpose of my visit and whether sanctions even extend to it, whether I sought any exemptions from my government, etc - but please tell me more about all these alleged serious crimes you've just discovered on Wikipedia.
>> So you end up with people shaking their fists at the sky crying that crypto exists, with their fingers in their ears and loudly proclaiming anyone using it are just making up absurd contrived scenarios.
See, the problem with all your posts is that you're just spinning one tale after another. You need crypto for all the orphanages you're building in war zones. You need crypto for illiterate Iraqi farmers. You need crypto for your Comoros citizenship purchases. Never mind that none of that makes any sense - it's everyone else who's not listening to you! And all your super legitimate, not at all made up, not at all tax fraud related use cases for stable coins!
Why is it more absurd to want to build an orphanage in Iraq or buy a residence visa somewhere off the beaten path than it is to proclaim you've gotten sanctions exemptions for North Korea in the context of you explicitly pointing to the use of US bank accounts? Why is your anecdotes somehow more valid than mine?
Suddenly when it comes to your North Korea escapades (while proclaiming about mr. "everyman", lmao) I just don't have all the facts and nuance, but you just handwave away any of the uses I point to. Get real.
I never said I obtained sanctions exemptions, I merely pointed out you're just straight up making stuff up when you're concocting "serious crimes" with no knowledge of the underlying facts whatsoever. Which seems like a bit of a pattern with your posts, to be frank.
It's relatively trivial to visit North Korea, and there are many reasons one might do so that may not fall afoul of any sanctions (journalism, research, aid, and so on). It's ludicrous to proclaim you're building orphanages in Iraq for which you require crypto stablecoins. These are not even remotely comparable claims.
It's funny how you can know all the facts to be sure stable coins aren't applicable to some others' scenario but if someone dare point out that you paid a comprehensively sanctioned country by god they're not allowed to use the same evidentiary standards you have presented. And for the record, I said it seems as if a confession to a crime, not that it actually was one.
Seems as if you don't like it when your own logic is used on you. Which seems like a bit of a pattern with your posts, to be frank.
Lol. Evidentiary standards? Mate, I don't give a flying fig if you believe me or not. You asked for my experiences, so I gave them to you. I certainly don't believe you, so you're free to not believe me. Seems only fair.
Your claimed use cases for stablecoins are utterly fantastical and I think your posts speak for themselves.
I did not ask for your experiences. You were the one asking ("waiting"). Then just dismissing anyone that told you because it was never a genuine question.
Pick an FATF grey list country that isn't sanctioned by your country. Then try to wire money there. Let me know how it goes and whether you really aren't asked to explain anything.
I also don't entirely understand why you're even rationalising the purpose of the account to the bank. Can't you just open an account for any purpose? It takes me five minutes to open an account online, and I've never once been asked to explain or justify anything (in many decades). I use my accounts robustly, including for international transfers (I've lived on two continents in the last four years). I even once paid for a trip to North Korea out of an ordinary bank account. My bank never batted an eye.
Maybe you're just dealing with a bad bank, or an over-regulated banking system (Europe?). You realise you can walk into any US bank right now and they'll just open an account for you with nothing more than some accurate ID? And the same holds for much of the rest of the world? The problem you're trying to solve is already solved.
>> The other example is somewhat concocted but rooted in the time I spent in Iraq and noting almost all transactions are performed outside the banking system, in part because banking is inaccessible and people often don't have access to KYC documents.
Unsophisticated semi-literate farmers are the last demographic anyone is reasonably expecting to open their crypto brokerage accounts and start trading synthetic USD derivatives.
These are just not realistic scenarios. This is what people say when they rack their brains trying to come up with some reason stablecoins might be useful. I feel like you're just confirming that they're a solution in search of a problem.