Normal currencies are backed by sovereign governments, are controlled by regulatory regimes, and don't get pitched as a way of anonymizing transactions/avoiding government interference in shady dealings.
Cash is used anonymously and for shady dealings too. Compare this to the blockchain, which is public, not anonymous.
There is no rule that says a currency has to be backed by a government, since people have traded without government backed currency since the dawn of man.
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Normal currencies are backed by sovereign governments, are controlled by regulatory regimes, and don't get pitched as a way of anonymizing transactions/avoiding government interference in shady dealings.
Cash is used anonymously and for shady dealings too. Compare this to the blockchain, which is public, not anonymous.
There is no rule that says a currency has to be backed by a government, since people have traded without government backed currency since the dawn of man.