The fact that it is a _cryto_ currency is merely anecdotal. Its an implementation detail. It makes people think this currency is actually distributed as most other crypto currencies, while in fact it's just a consortium of companies having total control over all aspects (issuance, destruction, etc.) of the currency.
> set up an interoperable network for banks and custodians to use
This is just plain wrong. It's not banks or custodians that use this currency, it's just end users and the consortium. Banks are heavily controlled and regulated. I _mainly_ trust governments and legal systems to take fair decisions or litigate properly monetary issues. There is nothing like that here. The consortium of companies owning the currency decide the amount they want to create, they decide who gets refund and why, etc. I have much more trust in a country and a judiciary system than a bunch of worldwide companies to handle my currency.
Don't forget the amount of support they will provide. Looking at major tech companies and their histories in providing customer support I see a rather bleak picture here.
This goes also for all those new fangled disruptive app banks. Guess how much success an N26 (new German app bank) customer had to contact support after 80'000 Euro went missing from his account. Spoiler: Until it was a massive story in the press, not much.[1]
Completely agree. It's a currency.
> It's not banks or custodians that use this currency, it's just end users and the consortium
I do not agree with this
> I have much more trust in a country and a judiciary system
compared to a protocol that can be monitored for the total amount of money it holds?
For small, everyday transactions this may be true but mainstream banks are much better for all the other stuff.
Serious banks have been doing that for literally hundreds of years.
That's very subjective.
I've had many many banks accross the world. Monzo is what everyone wished for.
I only ever use debit to pay off the balances of credit cards and to withdraw cash.
What debts? I clear the balances when I get the statements.
In the mean time you are in debt.
> Actually helps me to track my money better.
Have you used Monzo?