Banking on sanctions - a step too far?http://rt.com/op-edge/171412-banking-sanctions-us-payment-system/Therein lies a problem as increasingly bank regulators view the rest of the world as too dangerous to service. Over $50 billion in annual remittances from the USA to Mexico alone are endangered. That’s a potential catastrophe for Mexican families and millions of others throughout the world could be affected by a dollar remittances shutdown.
Given that in any case bank payments, including the US-centric dollar system are pretty expensive (thanks to dated technology), it is perhaps unsurprising that many financial innovators are now focusing on finding ways around existing payments systems. Some, like Bitpesa use bitcoin technology, although given the cost of US regulation, this isn’t yet available in the US. Across the internet there are multiple possibilities using micropayments which offer cheaper alternatives to established dollar routing.
