Stablecoins are banks. What you’re describing has been the foundation of the banking system since medieval times.

https://en.m.wikipedia.org/wiki/Hawala

What is interesting with stablecoins is that they are on the blockchain, which acts as a decentralized, uncensorable ledger which doesn't require you to tell a bank clerk what is written inside your wedding ring to be allowed to buy a second hand BMW in Poland.

▲

topranks 4 days ago | parent | next [-]

Indeed. Blockchains are for breaking the law.

I think it would be wholly better, in democracies, if we changed laws we didn’t like than tried to create technology to evade them.

▲

Saline9515 4 days ago | parent [-]

The law says that banks need to do AML/KYC, a blockchain is not a bank, it's decentralized. Besides, being able to break a law can be good, when such laws have little to do with crime prevention, and more about feeding an industrial complex that earns from those frictions. And buying a car is not illegal as far as I know.

The main proponent that dictates the regulations, the FATF, is a shady, unregulated body that is used for political and economical repression.

	▲	wbnns 3 days ago \| parent [-]
		> a blockchain is not a bank, it's decentralized Not all blockchains are decentralized, it depends on the consensus mechanism

▲

baq 5 days ago | parent | prev [-]

but if you buy a BMW in Poland on a stablecoin chain, everybody will know.

	▲	djrj477dhsnv 4 days ago \| parent \| next [-]
		Only if they happen to know the connection between you and the seller's wallet addresses and your respective identities. Almost all the crypto I have is from p2p or freelancing. Very few could connect my identity and my wallets.
	▲	Saline9515 4 days ago \| parent \| prev [-]
		Maybe, but at least no one will block the payment.