Why #Crypto is good for #Pakistan: A certain company in #Pakistan wanted to buy specialized hosting & domains from #Pakistan for US$ 3,000 (pay up for the year in advance) to get a discount.
Their bank demanded a host of paperwork for the SWIFT wire-transfer and then denied the request. Said, person-to-business US Dollar transactions not allowed.
They tried their credit card, only to be continually be rejected due to fraud concerns with the hosting/domain provider in the US.
Debit cards were not accepted.
This company contacted someone at Localbitcoins, paid a 4.5% premium. Transferred Rupees. Got Bitcoins, used BTCPay to pay, and in about 30 minutes, all was settled.
The company retained their new client, the hosting company got the payment, the client is happy and all was done in under two hours. This is just the kind of hassle small businesses and freelancers in #Pakistan go through.
No more @StateBank_Pak reporting. No more provide 8 documents and ancillary identity material to the bank (which already has it), no more denials. Only positivity. Payments made. Fast, albeit, 4.5% was the cost.
Had there been an open crypto exchange in #Pakistan, this cost would have been less than 0.5% --- so now - who loses out exactly?
not to mention, much, much, faster. But somehow, the GoP and the allied agencies think it is all about money laundering. Actually, it is all about seignorage and commercial money and losing control of issuance.
Here is the transaction address for the USD 2911 that was transferred to the @BtcpayServer --- so you know this is NOT a made up story: blockchain.com/btc/address/38…
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