Right now, crypto is one of the fastest financial systems in the world that gained popularity like this within a short time. But as crypto is a decentralized financial system, this is harmful for the centralized financial system, like we are now under a centralized finance system. This is why many people start to worry about crypto and how it will act in coming years. Because different analysis already predicted that within the next few years crypto's total market cap will be up to 10 trillion US dollars. This is harmful for centralized finance.
Though the government has already taken steps against crypto, they are unable to ignore or stop. This is just because of the interesting people on crypto. If you look at crypto adoption and people's interest in it, you can see from the last 3 years to till now 60% of crypto users joined newly in crypto. And most of them think crypto will give them financial freedom and they can escape from government tax issues. But will this ever be possible?
If you look to china citizens, they are now unable to access on Binance exchange totally because china banned the access of their citizen on any exchange.. There haa reason behind this too.. Last month China totally banned bitcoin mining, bitcoin trading and other crypto too.. But this looks like their citizens still engage with crypto.. This is the reason why China banned access on Binance exchange totally. Also China banned bitcoin because they want to make the popularity for their own digital coin named Digital Yuan.. But people are not interested in it as China controls the currency and I read the currency works like a stable coin.. So there is no advantage from it.
On the other hand, the US keeps regulating crypto currency there. If you are from the US and try to trade any crypto then you need to pass KYC first from the exchange you want to trade.. Also the exchange must be a US centralized exchange like Coinbase, Binance US etc. As far as I know, there is a chance to trade on other exchanges too but if you get scammed on those exchanges then US security will not help you to get the funds at all.. So the best thing for US citizens is trade with those exchanges that their country allows. But when you go for trade with their centralized exchange, you need to give them a portion of the fee. The fee is around 5% of total trade, I think. In fact, your every trade history there will be recorded and you can't escape from their fee and tax..
As we all know the crypto adoption has not started yet but look at the crypto regulations as it has already started and they have become successful too. Different countries keep banning crypto and it will continue.
Also there is another point. Suppose the crypto adoption was done worldwide and the government failed to regulate it. But still they will not stop to protest it. They will increase the price of everything with high tax that we will buy via crypto. Then where is decentralization finance..
We are getting fooled by whales who are using crypto, escape from taxes and increase their wealth. Later they will down crypto when they reach their target.
So what is your thought about decentralized crypto finance?
I think decentralization in crypto is best like stable money. So everyone can call it's my money, I'm the owner of it.