When crypto-blockchain technology was introduced back in 2009, it was with the intention of introducing something unique to people. The technology was introduced with aim of providing independence to people.
Ever since the technology and banking system was introduced, it was for the first time people had access to something they could completely own. The technology offered a finance system that they had full authority over. It was completely up to the people with whom they wanted to share their personal and financial information.
Even the founder of the first cryptocurrency and somewhat the founder of the crypto-technology, Satoshi Nakamoto had positive intentions about it. His vision was to take away the power and supremacy from traditional financial and banking and give control back to people.
Although the world did not recognize it and its use initially, but the world finally started seeing things in a different manner. At the start, people were concerned about the technology and it being completely decentralized, but soon they understood exactly what Nakamoto was after.
That is when things started changing and people started relying on cryptocurrencies. Now, the industry is adopted by more than 300 million users from around the world and this is just the beginning.
Unfortunately, the governments and regulatory authorities are not seeing things the way people are. The governments want to keep control of finances and the personal information of people. This is where the traditional banking systems come in and offer exactly what the governments want. They help governments keep control of the finances of the public and their personal information.
This is the reason the governments worldwide are trying to pressurize the cryptocurrency firms to keep them regulated. They want the entire cryptocurrency industry regulated and in their control. However, the cryptocurrency industry is giving them the control they need.
It is happening mainly because of the criminals and money-launderers who are using the decentralization and anonymity of the platform. They are doing it in order to carry out money laundering and other terrorist funding activities.
This is something that has given an excuse to the governments so they can penalize the entire cryptocurrency industry. They are blaming the cryptocurrency industry for being mainly decentralized and unregulated. This is the reason why the cryptocurrency industry is criticized by the regulators.
However, it does not mean that the overall performance, positivity, growth, and contribution of cryptocurrencies to the global economy can be ignored. Now the governments and regulators want to dismiss and ban cryptocurrencies for good for their misuse by criminals.
Just because people use cars to commit crimes doesn’t mean that the cars must be banned or mobile phones must be banned as they are used for negative purposes as well.
The governments and regulators need to come up with better solutions when it comes to the eradication of crimes and money laundering cases. They need to become flexible and accepting towards the crypto-verse, instead of banning them to fight off crime.