Whats Holding Crypto-Currencies back ? Major Fears of Government and Market forces...!!!

This week we heard different news across globe in crypto world, Reserve Bank of India (Central bank of India) has given deadline of 5 July 2018 for banking support to crypto wallets, which ended this week. Positive news came from Thailand,
Let me clear one thing first, I am not a subject expert, I am just a small investor, With this work I want to contribute be it a glass of water in endless ocean :)
So is crypto world really that bad? whats threatening government and mainly major banks?

1. If we consider government perspective, Hawala/ Illegal money transfer across border is major issue. Unlike bank government agencies cant track funds transferred across globe, anyone can receive that fund a small investor at a same time, a terror group hiding in cave somewhere with internet connectivity and mobilizing funds for future terror attack.

2. Tax avoidance-
   Individuals can move funds within country as well as across globe, which will result in tax avoidance and will reduce governments tax collection.

3. Fake Crypto Schemes
   In countries like India and China few news flashed that, few investor lost huge amount of money because of some fraud schemes. The thing with Crypto is across globe there are very few people who knows details of crypto. Its like Mystery and tool for generating high returns expectations.

4. Future of fiat currency
   Post world war I and mainly after world war II due to various reasons the demand for dollar rose, many currency depreciated against dollar. If crypto kept on growing then major players, trading companies will start using it which will reduce demand of Fiat currency mainly dollar. In simpler words Crypto is providing simplest solution.

So In my opinion above points are for government opposition now lets consider banking and market player perspective.

1. High Banking transfer fees/ commission
   Each bank charges fees for transfer of funds interstate/nation to globe level, charges increases manifold for global transaction. But take example of #Ripple Network or XRP, which charges fraction of dollar for any transfer which is very secured, very fast, reliable too

2. Banks will loose deposit
   At present banks offer very low / negligible interest rate on deposit, and they use that deposit to give loans to corporate to other parties at high interest rate and after completing fiscal year they proudly declare they have made huge profit. But the main stakeholder who deposited money is getting very less out of it.
   If depositors move towards crypto then the business model for so called global world will fall down like house of cards

3. Existential threat to Banks

This article highlights whats the view from government and established market forces, In my opinion the fear of above point is holding them back. Kindly provide your valuable suggestions so we can get more points different perspectives.

In next article I will give suggestions how above fear can be removed, Diffrent ways in which we can make Crypto world more secure, transparent, scalable in real world.

See you soon...!!!