Mr. Brandon is planning a trip to India. Instead of buying Indian Rupee from the money changer, he proceeds to buy cryptocurrencies using cash (Malaysian Ringgit).
He then travels to India, contacts a willing buyer from a match-making website to sell the crypto for Indian Rupee.
Brandon and the buyer meet at a Starbucks where the former will transfer the crypto to the buyer using crypto-wallet app who in return pays with cash (Indian Rupee).
What are the benefits of having this workflow?
1.) For Brandon
What are the benefits of having this workflow?
1.) For Brandon
- More option for acquiring of foreign currencies which are usually out of stock - i.e Indian rupee.
- Transfer of hefty sum of money to a foreign country
- Earn commission for extra income.
- Better customer service - hotels, travel agents, taxi drivers to provide value-added services to customers.
- 1-for-1, no extra costs.
For instance, the platform should allow Mr. Brandon to buy 16.94 Indian Rupees using 1 Malaysian Ringgit from start-to-end. - Users of the platform should be given loyalty points.
The points should be eligible for perks such as gifts exchange etc. - The platform and app must be popular and must not be banned by the country.
- The buyer of the crypto from Mr. Brandon must also be able to use it for good - i.e do the same while traveling to another country for holiday.
- Is it illegal for a consumer to buy crypto using cash?
- It is illegal for a consumer to sell crypto to consumers?
- It is illegal for a business to buy crypto from customers?
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