I just want to ask the opinions of the members of this forum regarding the gradual yet obvious turning of events in the world as regards the development of cryptocurrency vis-à-vis the banks and the governments.
We somehow give a connotation that cryptocurrency is a way out of the influential and powerful ways of the banks and the governments. No wonder why crypto first thrived in the underground--in the deep web for instance--
before it came out into the open and eventually into the mainstream arena.
This possibility of staying out of the prying eyes of the Banks and the governments are actually the main bottleneck towards the mainstream adoption of cryptos. The basic nature of government is to control everything within their capability and crypto was directly challenging that capability. That is the reason why a lot of governments are turning blind eye to the cryptos and effectively trying to ban it by various methods.
However, we noticed that the banks and the governments are now getting into the crypto game. There are news that certain banks around the world are opening up for crypto already. And the governments are also accepting yet effectively regulating crypto at the same time, thus controlling it in some significant ways.
Do you guys think that the with the powerful banks and the governments joining in the crypto development, its revolutionary system will somehow get pulled towards the old kind of system we have right now?
I need your wide perspective on this please. Thank you.
As per one report published by World Bank back in 2016, we now have around 65k regulated commercial banks and Financial institutions around the world who are an integral part of the economy. So you understand how strong their lobby is. Till date we have seen probably 2% of the banks are open to crypto so we have a long way to go. Not all banks and governments are run by visionaries, so they can't predict future and they are more comfortable to function within a prescribed framework.
It's good that the scenario is slowly changing towards the future and few Governments like Japan, Germany and Malta have started recognizing cryptos as a future currency system. I don't think this revolution will be pulled towards the old system that exists now, but the change will also take a longer time than expected. We are seeing the start of it and probably the next generation will see the accomplishments.