The introduction of Artificial intelligence has played a major role in making life easy, faster and accurate.
Employment rate have been a major factor driving a country's economy in which the financial sector plays a major part in.
Banks
Banks are financial institutions where valuables such as money, gold ,financial documents (Assets) are kept and also a means of engaging in transcations between two or more people and promotes savings.
This institutions have been a major employee of labour which has made a country's economy bloom.
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Since Cryptocurrency( Bitcoin ) was founded by the mysterious and pseudonymous Satoshi Nakamoto in the year 2009 since then the growth has been tremendous and this brought about the creation of various crypto Currencies such as Bitcoin cash, ethereum, XLM and so on...
In so many countries around the world the Cryptocurrency have been striving hard and gaining grounds to penetrate economy's but the government don't seem to be in favour of this idea "Cryptocurrency"
Why is this so?
First I'll like to analyse the relationship between banks and Cryptocurrency.
The banks and the cryto world are some how related and follows almost same process, below I'll be listing some similarities in which the banks have with crytocurrency.
Luno, coinbase, trust wallet and so on are said to be where currency's such as Bitcoin, Bitcoin cash, XLM , ETH, LTC are stored whereby in the financial world we have different banks allover the world where transactions are made.
Account numbers are related to Wallet address and both are used for same purpose, receiving or sending of funds.
Now back to my question!!
Why do the government of a nation and also bank institution frown at the idea of crypto currency?
1 . Tracking of Crypto wallet address is somehow impossible, recently we had the greatest hacks of all times where top crypto holders account was hacked and the Bitcoin thief fooled people into sending crypto to some unknown account.
https://read.cash/@Vanjinks/biggest-crypto-twitter-scam-of-all-time-c2636a4c
Since this hack they've been trying to locate the owner of the wallet address who was responsible for the hacking..
But if it was a Bank Transaction it would be easily traced, so this is one major reason the government have been adamant in using this platform for transaction.
2 . The banks are jealous
If the use of crypto currency is accepted it could damage the banking system which would lead to loss of jobs and also damage the long built structure, the banks are jealous cause crytocurrency have made life easy even at the comfort of your home you can transact to any part of the world without going anywhere.
3 . The government See's it as one in which they won't be able to control and admister.
I still think crypto currency owners have a lot to do in making sure this currency's are made legal in countries around the world.
