The Indian authorities, when taking onFacebook's Libra, stated, "It would be a private cryptocurrency,and that's not something we have been comfortable with.”

Thecurrent design of the cryptocurrency poses a threat to internationaleconomies. Most of the cryptocurrenciesare currently unregulated. If thecryptocurrencies are widely launched, they are likely to work as a threat tothe financial stability of the global monetary system.

Regardlessof the improved usability of crypto and the many reported use cases likecharity, gift cards, home decoration, IT services, cards, travel industry,jewelry and luxury items, food, satellite television, and internet service, cryptocurrenciescan work as a Ponzi Scheme. Enthusiasts are trying to focus on the positiveside, while critics and regulators are exaggerating on the negative side.

Itis essential to have crypto wallets for any cryptocurrencies, and developersspend less time improving on the wallet. Several cryptocurrency wallets in the industry are too basic, and theyhave ancient features, and they are incredibly lacking. They are not new in anyway, and they work like a very remote model of wallet.

There is a need for newer wallet programs, which users will be able to understand very easily.  Safer tools that are far better than the older ones are currently needed. There is a need for cryptocurrency wallets, which are resistant to hacks.

Withrobust KYC protocols in place, it can get exceedingly harder to take some otherperson's funds.

Thereis a need for expansive wallets that can home more than just one type ofcryptocurrency. Some applications arecreated in a way to hold exponential numbers of tokens active them on entirelydifferent blockchain.