I've never understood this argument. Moving large amounts of one currency between countries isn't expensive or slow (relative to how quickly you typically need to do this). Assuming you are allowed to do it at all. Oversight is a different story, but there aren't many legitimate reasons to want to do that (probably none that aren't problematic). There are, of course, a ton of illegitimate reasons but that's a different conversation.
Getting that 1mm+ from one currency to another is a whole different story, but that story only gets worse if you involve crypto.
Paying $40 in wire fees to move $200 sucks, but it's just not an issue on large transactions. So I think your real use case is lots of small transactions, not a few big ones. And unless you can spend the crypto directly, the volatility can kill this application pretty easily.
It is not that simple once you cross borders to countries USD is used by all kinds of criminals. When you have honest business, you are screwed by the system.
Here in Brazil, getting money in and out is a nightmare if above 5k USD.
I live in Brazil and work for a US company. My first month payment took 3 months to clear, and because of 3 accumulated payments I got audited and the 4th pay got delayed again. The first one that cleared in 3 days was the 6th payment. All payments were charged 40 USD to my employer, but 20 was charged by middle man every month.
I also have a US based health insurance but (again) I currently live in Brazil. I had a surgery reimbursement be withheld for 65 days, I had to send dozens of documents and when they finally cleared, I had not only lost to exchange rates, on middle man bank took 20 USD and my branch in Brazil took an extra 170 USD.
Getting that 1mm+ from one currency to another is a whole different story, but that story only gets worse if you involve crypto.
Paying $40 in wire fees to move $200 sucks, but it's just not an issue on large transactions. So I think your real use case is lots of small transactions, not a few big ones. And unless you can spend the crypto directly, the volatility can kill this application pretty easily.
What am I missing?