Adopting cryptocurrency technology is also complex and expensive for banks. Cryptocurrencies compete directly with bank services, offering financial transactions without intermediaries. The potential impact on monetary policy and financial stability is worrisome for banks. Additionally, cryptocurrencies often avoid capital gains tax and extra transaction fees, making them more attractive to users. Lastly, cryptocurrencies offer faster transactions than traditional banking, making banks' services seem slower and outdated. All these factors make banks cautious about cryptocurrencies.