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“Working for the largest Bitcoin exchange with customers around the world gives us an insight that few, other than banks, may have on how international wire transfers work. The first misconception that many of us may have was that everyone could create a bank account in whatever currency he/she wanted in the country of their choosing and have control over it.  Unfortunately, a currency does not really exist outside of its country, meaning that if you ever open a USD bank account in a European bank or Japanese one, any USD available in this account would, in fact, be held in the United States and not in your local/federal or national bank vault.”

formerly/https://bitcoinfoundation.org/blog/?p=63