Furthermore, additional confusion was caused by cryptocurrency bans and tightened regulations all around the world. But everything is not so devastating like many individuals can think, and it may sound surprising that the current legal framework and some financial institutions already allow conducting financial operations via cryptocurrencies. So, what’s the missing puzzle, and why things get traction so slow?
In order to grasp the whole picture, we have to understand how entities starting from regulators and banks, ending with merchants, interact in a financial environment between each other. Working for a several years as an Advisor to the Chairman of the Board both for Alliance Bank and SmartBank, I discovered that there are well-established old financial relationships between all market participants that practically don’t allow disrupting technologies to take place.