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Politicians hate what they fear. They create burdens and harass what they wish would disappear. They despise decentralized blockchains. They hate them because they fear them. Why do they fear them? Because decentralized blockchains pay people to organize.
In the past, people had to pay to organize, and due to the high cost, they could not organize.
Politicians are terrified of the unorganized majority organizing, because only organized groups have a concentration of force. Those who do not have a concentration of force have no power.
If a hundred million people are subsidized to organize, they will organize. Such a group, unlike an unorganized mass, cannot be pushed around by politicians. This is the reason socialist countries, who understand organization, are trying not so much to collect any revenue but hinder any and all usage of cryptos. They don't want the public organized. An organized public can resist politicians and eliminate corruption for starters . . . which is the lifeblood of politics.
Thus China banned decentralized chains, while many other countries are trying to make it a hassle and very costly for single individuals to deal with the regulatory burden and therefore unable to officially use decentralized blockchains.
The banking industry sells a credit card machine with 500 in fees each year plus percentage of sales. The same transaction with decentralized crypto can cost a flat 0.01 for each transaction. Banks are poor investors and make most of their income from financial services. The result is they fear and hate and lobby against decentralized signed databases.