With the rapid transformation to the digital age, one sector that has changed the least is the banking and financial sector. After the creating of the first cryptocurrency, there has been an eager push to use this technology to benefit humanity by creating new technologies that harness the power of a decentralized system. Every new technology is a double-edged sword. It can be used to benefit people as well as suppress them if used incorrectly. There have been efforts by organizations as well as countries to use cryptocurrency to collect personal data and evade sanctions.