Thanks for your answer. However I still don't fully understand the problem I'm afraid. How is the trust required to move money cross borders different to the trust required to have an account with money at your bank? That acct is just a "promise" of money as well isn't it?
Also, according to your response a domestic money transfer would suffer the same problems but these seem to work just fine (at least much better than international transfers).
Why does a mechanism that works just fine in between bank and customers and generally domestically just break down when country borders are involved?
Also, according to your response a domestic money transfer would suffer the same problems but these seem to work just fine (at least much better than international transfers).
Why does a mechanism that works just fine in between bank and customers and generally domestically just break down when country borders are involved?