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yes! it will make the banks obsolete, and also government won't like it much... but I still think that will change with time, banks will find a new way to offer services through decentralization, the same may happen with government. I don't know about elite, but I am sure people will like it :)

what is not mandatory is prohibited.
no..the government won't like it much.

I heard government doesn't even like cryptos,
but are still growing :)