Centralized entities have lots of bottlenecks in their processes as a first. KYC takes too long and sometimes redundant.
Aside from banks, financial services that crypto exchanges offer isn't reliable too since data breaches still happen despite their tight securities.
I'm sure there's still a lot more cons for the current system. I've recently heard of SelfKey and claimed that they aim to make a difference in those issues. What are your thoughts?
Violations that occur in the crypto industry often occur. And if talking about a security issue of course the Bank is the best because it already works with the government. Indeed this security problem should not be ignored. If cryptocurrencies are safer it may work with Governments, but it certainly won't be easy to happen. The government is still conducting a review of this technology.
If Crypto is able to work with the government, security for people using KYC procedures will be safer and have a guarantee.