Hawala is such a simple, effective, and relatively anonymous system that bypasses banking that the government had to convince the populace that anyone who uses it is a terrorist. It also helps they use the arab name even though it is of Indian origin.
Because it’s faster, easier, safer and cheaper to transfer large volumes of capital than say loading a plane with gold or sending a bag of cash.
As long as you're quick to cash in and cash out of it. Potential gains are fun, but losing 10% a month isn't.
That's not a real problem though, stablecoins exist.
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Cash is a bit bulky and can't be sent over fiber.
https://en.wikipedia.org/wiki/Hawala
Hawala is such a simple, effective, and relatively anonymous system that bypasses banking that the government had to convince the populace that anyone who uses it is a terrorist. It also helps they use the arab name even though it is of Indian origin.