| Cryptocurrencies are what you obviously mean by your "a solution based on cryptography" phrase. As they exist now, they are even more difficult to use safely and securely. For every one person who gets hacked via paypal's SMS crap and a simswap, there would be 50 people who would lose their crypto wallet to dropping their phone in the river and forgetting the passphrase. It's perfectly consistent to have issues with cryptocurrency and with other centralized financial institutions since they both have awful security models for the average person. Financial institutes are too insecure, and crypto is too unusable. I, personally, would like the government to provide a universal authorization server ("log in with GovID" or whatever), and require all banks in the country to support that auth mechanism, and then ensure that mechanism is both incredibly secure, but also has suitable fallbacks to recover access. The government is uniquely positioned to be able to do that in theory, if only the government weren't wildly allergic to doing _anything_. I'll settle for a bank that does not ever fall back to SMS and supports webauthn so I can use my yubikey, and fortunately such banks do exist, so things aren't actually so bad. As long as I don't use paypal or various other less competent software. |