alt Hacker NewsThe cross border not about technical capacity but legal control. For example if you are a refugee you might not be able to pull your bank savings and liquid stock with you from your home country to another without it being seized or taxed, but your crypto is always yours as long as you are the only holder of the keys. This scenario is one of the rare real world utilities I see with crypto.
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Yes, there are rare use cases where this is useful. The high inflation case is one as well.
So stop talking about a parallel system and start talking about what it is, a niche product.
Your crypto still needs to be declared, even if you hold the keys. Not doing that breaks all kinds of laws and makes you jail-able.
Sure, you can hope the state won't find out about your crypto, but then how do you enjoy it?
A lot of countries cracked down on merchants accepting bitcoin, and in a lot of places it's illegal to offer BTC->cash conversions without KYC.
I suspect authoritarian regimes would be the first to close this loophole. This is not theoretical - Russia did this in 2022 to stop people from offloading their rubles and/or fleeing the country with their money.