Cash can and is used to buy/sell on the black market and also to buy/sell privately without leaving traces. But it is very difficult to move large amounts of money with cash. It means, it provides privacy with an acceptable level of freedom to do illegal stuff.
Privacy in crypto enables the same but it also allows bad actors to move extreme large amounts of money. The risks for the government are here so big, they cannot accept it.
I largely agree - to this comment, not your parent post - but the technology is here. Governments couldn’t accept citizens with easy access to strong encryption either, but they have had to make do ever since.
Not all of the code can be sanctioned. The Monero project continues to mature, can be used as a “mixer” for other coins, and can be bought or sold using networks like Bisq.
Cash can and is used to buy/sell on the black market and also to buy/sell privately without leaving traces. But it is very difficult to move large amounts of money with cash. It means, it provides privacy with an acceptable level of freedom to do illegal stuff.
Privacy in crypto enables the same but it also allows bad actors to move extreme large amounts of money. The risks for the government are here so big, they cannot accept it.