> The problem is swift network/correspondent/intermediary banking. When you want to send money abroad to badly connected banks of badly connected countries, you might have a big route chain (multiple times intermediaries), fees can be huge , and settlement can take a long time.
But why is this complicated? Isn't it mostly about regulations / KYC / AML, rather than anything technical?
Stablecoins are much simpler because they don't do anything with respect to regulations, they're just a dumb ledger. For those who don't want to bypass regulations and the legal system, stablecoins bring as much as yet another database / ledger, which are not the problem in the first place.
But why is this complicated? Isn't it mostly about regulations / KYC / AML, rather than anything technical?
Stablecoins are much simpler because they don't do anything with respect to regulations, they're just a dumb ledger. For those who don't want to bypass regulations and the legal system, stablecoins bring as much as yet another database / ledger, which are not the problem in the first place.