Looks interesting but I'm curious, how does this not come under money laundering laws in many countries?
Say I want to transfer $100,000 to Russia - wouldn't this go against both countries laws?
Legally, I can't see it being different to taking a bundle of fiat notes and flying over to Russia with them.
So, you are American, right? I say this because you mention "I send from here to Russia" but never say where "here" is, which is very... american
Don't take it personally, I make this joke every chance I get, and I get a lot of chances around here. But jokes aside, you are correct that it can be tagged as money laundering, because that's the 'catch all' that governments use to justify the control measures in place. Imagine that you live in the States and have a 2nd degree cousin in Russia, with which you have a very close relationship. Now, you have a friend in Russia, completely unrelated to your cousin who is having some issues paying for something or another. You mention this to your cousin, ask him to give the guy some cash and promisse to pay him a fancy dinner next time you're together.
Money laundering? No money moved across borders, and for all we know, this is the exact same thing that happens with our service, unless fiat money is in fact moved across borders. Now the real catch is bitcoins and the fact we get fiat money for them. If we where able to operate properly balanced agent nodes, where only bitcoins where ever moved and never converted to cash then it would be no different from the case presented, but even then governments could call it money laundering and shut it down. Only if we can make this legal and taxable will the governments leave it be, because it is in their interest and, to be legal, we would need to get rid of the pseudo anonymous nature of bitcoins and collect all the same data about clients that WU and the like do... not my perfect scenario.
But I digress, I just wanted to make the joke!
