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What’s the difference between Crypto and Banking Systems? – Guide
As we said above, the fact that cryptocurrencies exist outside of the banking system and its regulations have made many users consider it the most convenient way to transact. The costs are lower, there is no need for intermediaries, the service is available and running 24/7, the supply is fixed, cryptocurrencies are better aligned with ideological purposes – these are some of the reasons why people prefer cryptocurrency transactions over traditional bank transfers.
However, recently regulators seem to be catching on. up with the rapid developments of Cryptoverse. The upcoming Intergovernmental Financial Action Task Force (KYC) compliance standards or the European Union’s upcoming AMLD5 anti-money laundering rules offer a vision of a comprehensive global system for cryptocurrency transactions in which no individual user is missing.
So, on the one hand, there are those who perceive the emergence of such regulations as an abominable surveillance system that runs counter to the principles of censorship resistance on which bitcoin was built. On the other hand, there are also those who, despite all the negativity surrounding the topic, consider this an opportunity to bridge the gap between traditional banking and cryptocurrencies to revolutionize the entire financial system.
Only time will show whether these new regulations will help cryptocurrency become more popular or, better, help banks regain their footing.
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