Re:Coinbase suspending USDC:USD conversions over the weekend
by Scoundreller on Saturday March 11, 2023 @01:34PM
(#35111152)
> These appear to be cases where government regulation was imposed to limit access to foreign currency.
Cuz they spent/seized the bank’s foreign currency before you, the depositor, could spend them. So much for trying to protect your assets by holding them in foreign currency.
So, there was neither a technological problem moving fiat in our out of the country that would be amenable to a technological fix, nor unintended weaknesses in the regulatory regime covering local banks. Rather, it was deliberate government policy.