I always do local transactions with an exchange house, it is the safest for me because I do not have access to banks nor do I do any type of transaction to give the government a way to be investigated, if we start to see the exchange houses already have their ways of being able to evade or pay taxes, not us, of course what I did was the following, go to the exchange house that exchanges local currency for Eur, DOLLARS and COP, I must emphasize that at first it was very difficult to get , because they had not adapted to this, but currently there is and there are many associated services, also with Binance it is fast, the bad thing is that Binance is very centralized and can give some details of our KYC to governments when requested
In the context of local transactions, the significance of security and privacy cannot be overstated. Individuals, particularly those lacking access to banking facilities or prioritizing financial discretion, perceive a heightened sense of security when utilizing exchange house services. However, it is imperative to acknowledge the inherent risks associated with such services, notably concerning service reliability and the safeguarding of user data.
Furthermore, it is pertinent to recognize the jurisdictional disparities in tax legislation and enforcement across nations. Consequently, it falls upon each individual to fulfill their tax obligations in accordance with the prevailing laws and regulations of their respective jurisdictions.
The thing is that the banks in my country do work, but no one wants to have access to the local currency because it is very devalued, and it is of no use to have it, just to pay for some services or something like that, but the rest is handled by the dollar or any other foreign currency, based on the fact that not only local transactions, any country always prefers to have transactions through USDT, bitcoin or whatever, without being charged by banks or any third party, some people use binance a lot, but Binance has not been It has become somewhat tiresome in this country because they continue to keep things under their normal operation, but I think that things can turn out well if they are made as decentralized as possible, this saves having to have a hard time with the jurisdictions and all that stuff you talk about.