Kind of, except the traditional financial system doesn’t have digital cash, which is where crypto currently steps in.
Any traditional digital wallet is custodial. Adding non-custodial options with immutable transactions could drag the investment away from a messy system that crypto is, and back into tradfi. But this won’t happen, because governments and central banks love the control they have.
To be clear: control isn’t necessarily bad, it allows to combat financial crime and corruption, keep the social system up and running, control inflation, efficiently manage funds etc.
But there is a legitimate (and illegitimate, too) demand for money that you can put into your own wallet and be the sole person to decide what to do with it, while enjoying the convenience of digital payments.
Kind of, except the traditional financial system doesn’t have digital cash, which is where crypto currently steps in.
Any traditional digital wallet is custodial. Adding non-custodial options with immutable transactions could drag the investment away from a messy system that crypto is, and back into tradfi. But this won’t happen, because governments and central banks love the control they have.
To be clear: control isn’t necessarily bad, it allows to combat financial crime and corruption, keep the social system up and running, control inflation, efficiently manage funds etc.
But there is a legitimate (and illegitimate, too) demand for money that you can put into your own wallet and be the sole person to decide what to do with it, while enjoying the convenience of digital payments.