Certified Blockchain Financial Specialist
after that other cryptocurrencies and use cases exploded into existence. These new forms of transactions and business processes have never been seen before. The concept of decentralized governance of a currency involving hundreds of billions of dollars in transactions without anyone in control was revolutionary. The idea that anyone could mint their own currency or create tokens that could be used globally and anonymously did not fit the existing legal and regulatory models.
This new “capability” allows retail banks to execute cross-border payments in seconds, without central banks and at lower costs. It allows for monetary transactions to exist outside of banking systems used by governments to monitor and influence economic activity. It erodes governments ability to control capital flight and potentially impacts every type of value transaction in society.