Which would be fine if it produced useful products where dumb investments get burned, but the industry doesn't produce anything useful. It's just money flowing from suckers to grifters.
Which would be fine if it produced useful products where dumb investments get burned, but the industry doesn't produce anything useful. It's just money flowing from suckers to grifters.
"The sender gives money to an...agent and his/her counterpart in the receiver region/country acts as deliverer of this money. The sender calls or faxes instructions to his counterpart and the money gets delivered in a matter of few hours. In the past, the message could be delivered using couriers, with men or even animals (such as pigeons). Settlements are made either with a private delivery service or wire transfer in the opposite direction. Another method of balancing the books is to under-invoice goods shipped abroad, so that the receiver can resell the products at a higher market price"
Ukraine? Use a bank. Or maybe PayPal? My parents are also still sending remittances to Ukraine.
Lebanon, Iran, Venezuela? Probably Hawala, or maybe through China or India, but you'll probably get a more detailed answer from an ex-pat.
I will also point out that shitcoins and NFTs and the various pyramid schemes that are currently unraveling aren't a solution to this problem.
In fact, they only solve the problem of transferring money from the pockets of the greedy and financially illiterate to the pockets of the greedy and financially literate.
Also any of these hypothetical people that put their money in crypto just lost a significant chunk of their life savings.
In other words, the same way people have dodged currency controls and sanctions since time immemorial.