| I created an account just to answer this question, seems it seems like a lot of people in the first world can't even phantom the need for people to use an unregulated currency. Source: I'm from Argentina. I can't speak for the situation in Lebanon or any other place, but I imagine there are similarities. I know there are similarities with Venezuela and (I believe) Iran. Long story short: when your government deems illegal or at least suspicious for you to save in USD/EUR, Payoneer/Paypal/etc are risky to use. You have several problems: 1. You can't easily use the money on (say) Payoneer. You need a credit card. Credit cards are easy to tract. You'll quickly have someone asking where the money came from. I understand this seems like a good idea in a sane country, but it is not desirable when the only way for you to save is to bend the rules somewhat. 2. You can't put your money into Payoneer/Paypal/etc because, remember, you don't have any USD. You can't buy them. So the only way these are a fix is for people who work for USA/Europe and can maybe get paid directly there. 3. Cryptocurrency is not yet as regulated nor it is easily regulated. Payoneer has to comply with Argentinian law because they are a financial entity. Cryptos are still young and are (at least in Argentina) still somehow being able to sell USD-like assets without selling USD. Example: in Argentina you can buy up to 200 USD per month (well, the lucky ones get 200 USD... won't get into details), but you can buy as many USDC as you want. 4. The _your keys, your money_ moto may be a meme for the YCombinator crowd, but it is not for many people. Payoneer/Paypal and banks *will* ask for documents baking up your funds. Again, this is a good idea if you live in a sane country, but many people do not. You can't just go to the bank and tell them: no, I don't have these dollars declared anywhere because they are illegal to own in my country. I've seen colleague's accounts getting closed due to "suspicious activity" and their assets are frozen. The Argentinian answer is generally: be grateful you are earning in USD, look for the next Payoneer (I think we are using a lot of Dukascopy lately) _or_ switch to crypto. Anyway. Make of crypto what you will, but people in high-inflation countries with an excess of love for regulation intuitively understand their appeal. |