Cryptocurrencies is already changing the remittance processes in the world. I have my boss’ maid using USDT & USDC to transfer their monies out of the country and back to their hometown. Coincidentally, I’m handling a foreign bank account. Guess what?
The foreign bank account requires one of the directors to literally be there a thousand miles away to ‘activate the online transfer capabilities’. The local bank requires over 75 pages of document for us to open a domestic foreign currency account. Heck, we had to airflown some documents from different parts of the world to open this account. Even if we receive a foreign country cheque, they want 1% of processing fees and it’ll take 30 days!
I wonder if they considered this when they calculated the ‘energy used per transaction’ calculation.
The worst part is definitely the fact that we cannot operate our foreign country’s bank account without some rigid and yet conventional confirmation by SMS for banking transaction.
It’s 2022 and banks are still stuck on technologies such as cheques, physical pen-to-paper signatures, and the inevitable visit to your bank branch and no other ways around it. No wonder people are jumping into crypto. I could’ve just transferred the balance on a whim- after a test transaction of course.