Crypto/Fiat payments around the worlds

[Vangor]

Hello,

I'm currently conducting research on developing a payment system. The goal is to enable the acceptance of payments from customers worldwide and also facilitate transfers to recipients, likewise located anywhere around the globe.

While setting up this system for countries that support direct bank transactions appears straightforward, a challenge arises when dealing with customers who, for various reasons, cannot receive these direct bank transactions and must instead utilize cryptocurrencies.

I'm seeking a service (or combination of services) that could support this structure - one that includes traditional banking methods but also incorporates the use of cryptocurrencies, and let customers from banned countries use it (Belarus f.e.)

Does anyone have recommendations for a service that supports this dual structure, or perhaps a suite of services that can collectively meet these needs?

Any guidance would be greatly appreciated.

Thank you!

 

[Martin Everson]

I'm seeking a service (or combination of services) that could support this structure - one that includes traditional banking methods but also incorporates the use of cryptocurrencies, and let customers from banned countries use it (Belarus f.e.)

Not gonna happen.

Does anyone have recommendations for a service that supports this dual structure, or perhaps a suite of services that can collectively meet these needs?

I don't think there are many providers offering violation of US sanctions or doing business with restricted countries as a business model . Sanctioned countries can already trade p2p already so a middleman is of little value.

P.S Naturally sanctions need to be looked at in depth to determine applicability on a client by client basis. I just don't think you should waste too much energy on this path.

 

[jafo]

Sanctioned countries can already trade p2p already so a middleman is of little value.

@Vangor - Martin is correct! P2P circumvents all types of sanctions thus sanctions are bypassed every picosecond of the day. You just do NOT want to be THAT guy who teaches "others" how to do this because: Google "Christopher Douglas Emms"

PS. If you know, you know. Also, I'm not adding links to websites that may or may not track their links. I suggest prudence.

 

[Vangor]

Thanks for replies! Ok, got your points, I thought similar, but hoped that there could be some way around.
Asked since service like paysera, allows to send bank transfers to Belarus, and thought that there is maybe something similar to it but that combines bank transfers and crypto.

 

[wellington]

No one openly violates sanctions...

What you are looking for is an example of such, but in reality, its a multi-polar world, that basically means there are some states that have multiple payment rails...

China being one of them, it has western payment rails (HK) whilst having Chinese orientated payment rails (mainland, and polar opposite).

So in the middle is a bank that serves Chinese Payment Rails, whilst also serving Western orientated SWIFT etc payment rails.

They have a ledger.

They move funds from ledger record under Western orientated and over to Chinese...

And thats how sanctions violations occur, because the funds exit the USD SWIFT rails into the CNY (etc) rails system, then are utilisable in transacting with say Russia, NK etc...

Now crypto is different, because its bearer based, but heavily reliant on liquidity, as countries open surveillance and control to the above payment rails, more people will be drawn to crypto, which will increase liquidity, thus the 'shadow-banking' aspect will overtake the traditional banking solution and payment rails.

Thats how you see Russian's getting their funds out of Russia (tradfi banking rails), Chinese on the other hand formally used crypto to get out of China.

But there's many other ways, funds usually (clean funds) cost 7% with credit card transactions to move from say China to Singapore to get around capital controls - lawyers offer these services.

But now it's got a bit more easier with the Chinese Payment Rails and Fintech banking, whereas at some point (2018-2019) they would have incorporated crypto in the process.

So no, crypto doesn't really aid (its neutral) and it also creates a public record (so not ideal) so it doesn't really aid in state violations of sanctions.

Also note just because something is sanctioned by the US, EU doesn't mean all countries fall in line, most countries don't really care about US, EU sanctions, and just swap from SWIFT for those transactions to a alternative payment rail (ergo China payment system), gold (in a state plane) etc.

 

[Vangor]

Thanks @wellington I indeed don't look for some tricky way, but instead legal way to do it, as tech company we won't be able operate under semi legal ways.
You gave me food for thought, maybe having bank accounts and company branches in Kazahstan/Georgia will help us.