I hear it all the time. Bitcoin/crypto is alternative to fiat. And almost every token philosophy is based on this premise.
The question: can cryptocurrency beat legacy financial institutions to the point of replacing them?
... Thought as much... The much lauded JPMCoin was all noise and no substance. But can an accident happen to make legacy institutions catch up to the decentralized world?
One of the advantages or sources of state tax is in the bank, moreover the governments of several countries do not talk about cryptocurrency in detail and there is no interest and profit for the government itself, inversely proportional to the bank. In my opinion crypto will not be able to replace the role of banks all this time, maybe if there is a relationship between the two, they will oppose each other against regulation and the function of crypto itself.