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This was a long time ago, but it may be relevant. I was once in Rome and found myself with a pocket
full of lira, and wanting to head east. I went to a local Amex office and was able to buy travelers
checks, which were denominated in USD. If bitcoin had had an exchange back then, perhaps I could have
converted the USD into bitcoin.
A few months later I was in Delhi, at a time when monetary restrictions prohibited the export of rupees.
Not surprisingly, a black market was flourishing in the USD/rupee exchange. I could get double the rupees
for my USD from the black market than I could get from a bank or Amex. So I would exchange a 100 USD Amex
check on the black market for, say, 1000 rupees. That 1000 rupees would buy me 200 USD in Amex checks,
and that 200 USD would then buy 2000 rupees on the black market. I'm sure you get the picture.
The point is that when countries put currency restrictions in place you can look for plays like this.
If I may ask...why Morocco? I've been there twice, and loved it. Especially Marrakech. But the
current political situation keeps me away.
full of lira, and wanting to head east. I went to a local Amex office and was able to buy travelers
checks, which were denominated in USD. If bitcoin had had an exchange back then, perhaps I could have
converted the USD into bitcoin.
A few months later I was in Delhi, at a time when monetary restrictions prohibited the export of rupees.
Not surprisingly, a black market was flourishing in the USD/rupee exchange. I could get double the rupees
for my USD from the black market than I could get from a bank or Amex. So I would exchange a 100 USD Amex
check on the black market for, say, 1000 rupees. That 1000 rupees would buy me 200 USD in Amex checks,
and that 200 USD would then buy 2000 rupees on the black market. I'm sure you get the picture.
The point is that when countries put currency restrictions in place you can look for plays like this.
If I may ask...why Morocco? I've been there twice, and loved it. Especially Marrakech. But the
current political situation keeps me away.
Interesting I did the same thing kind of thing in argentina last year. The bitcoin "black market" is flurishing in argentina, that's originally where i got the idea from.
Why morrocco? I think it's a pretty stable place. Cost of living is very low, and the weather is good. It's not too far from europe either.
The only trick is finding a way of still keeping some income in EURO/USD.
