I need some advice on a situation I’m dealing with. A friend from Egypt, who I’ve known for a while and trust, told me they are having trouble receiving money via PayPal, bank transfer or Western Union. They mentioned that due to the economic crisis in Egypt, there are restrictions in place that only allow them to receive money from immediate family members.
Because of this, they suggested an alternative. They asked if I could receive the money for them via PayPal, since I’m based in Europe, and then send it to them using cryptocurrency, which apparently is easier for them to receive. For context I am receiving money for their freelancing services which they offer online. To be honest I have known the Egyptian friend for a while and do trust them. I am more worried about a customer trying to scam them and me ending caught up in that situation. I already received the money from the customer on paypal. My main concern is that the buyer could request a refund through PayPal after I’ve already sent the money via crypto. In that case, I would just ask my friend in Egypt to return the money, but I want to avoid getting caught in a tricky situation. Also the amount isn’t super high. So I also wouldn’t have to register a company or pay taxes on it myself. I already checked that
Another thing I’m wondering about is whether it would be possible for my friend to register a company in Germany. I’m not sure what the restrictions are for Egyptians registering businesses abroad, and if this could help them solve the problem in a more stable way. I’m sure there is a better solution for everyone involved. And since the friend works as a freelancer full time I’m sure there’s a better solution. I know about people from abroad registering companys in the UK and stuff like that. Im also not sure why something like upwork or Fiverr wouldn’t work
Lastly, I’m trying to understand more about this “economic crisis” they mentioned. What exactly is happening in Egypt right now that’s causing these restrictions? Is there any long-term solution to this, or is it something that’s likely to continue? I’m also curious if there could be some tax-related aspect to this, and whether this approach (crypto payments) might have something to do with that.
I’d appreciate any insights or advice on this situation!
submitted by /u/SwordfishDue2391
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