Security Issues with using Fiat in Africa

in #crypto7 years ago (edited)

What? Fiat isn't safe?

In my country fiat as in hard cash is king. Most businesses such as retailers love accepting cash, in my country you will even come across businesses that only accept cash. Btw my country just did something really ridiculous, they increased the Value Added Tax amount on all purchased items that are not subsidised from 14% to 15%. You can read more about that if you want to fall asleep here:
https://www.moneyweb.co.za/in-depth/budget/vat-increased-to-15/

In my country mobile payment methods are also really popular such as Snapscan, sending money from border to border is also in enormous demand. Which is something a cryptocurrency like ETN could probably help with if it became used more widely. Back to the actual topic: fiat. For a company to accept fiat, the company needs to pay another company to bring them large amounts of cash ,which is used as change for cash transactions. These companies that transport the cash make use of heavily armed guards and vehicles. These companies that transport the cash make use of heavily armed guards and vehicles. Here is a video of someone shooting an R4:


I'm no gun expert, but an R4 is pretty close to the American AR15. Both take 5.56 bullets, and both are assault rifles.

Risk?

Okay so what is the risk for the people who are transporting all this cash? In my country we have incredibly tallented criminals, who are career criminals. Now I wouldn't like to say what these guys are doing is cool, but some of what they do must take incredible amounts of planning , balls and research. I won't say I look up to them, but I do understand that in business:

Here are a few videos of how these ,very talented individuals who decided to use their talent on crime, target these armoured vans that transport cash:


Here is the other video:

From what you can see on the videos it seems like these guys who are attacking the vans, have found a way to get hold of some form of plastic explosives and training on how to use it. They also seem to have found this method to be effective against anti-theft dye which is used as a security measure to stop people from just taking the cash off these armed guards. This is what dye stained money looks like:

, pretty useless.

Armed robberies are so bad in my country that some clever business person saw this as a giant oppurtunity and started building these: http://www.popularmechanics.co.za/wheels/supertruck/

Here is another pic, this one I took myself.


The pickup truck behind the armoured vehicle is also fitted with bulletproof glass and also has armoured guards. So I feel rather jumpy being around these trucks, even walking past them.

TLDR; why don't people just use crypto or mobile payments all the time? In my country this will probably never work, but minimising the use of cash, can really benefit the security of your business and increase the life expectancy of these armoured guards.

Quote pic is from here: http://likesuccess.com/topics/5559/return
Hope you found this interesting. Please follow me if you enjoyed reading this.

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Crime Pays not in agreement, however some seem to think it does. Also super nervous when these trucks are anywhere in the vicinity, you never know!

#Crypto would go a long way to stopping this form of crime, nice article @netscape101

Thanks man! Yeah I'm also really nervous around these guys, I can only imagine how nerve wrecking it must be to be one of the armed guards.
I guess crime pays for the people that don't get caught, although the risk is very high. I think you get around 15 years in jail in South Africa for armed robbery.

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If someone can suggest a better way to format the markup for the youtube videos that I included, I'd be glad to update the post. :)

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