Public-key crypto has been around since the late 1970s. Smart cards have been around since the 1990s. Two decades is nowhere near enough time for these sorts of

Public-key crypto has been around since the late 1970s. Smart cards have been around since the 1990s. Two decades is nowhere near enough time for these sorts of changes to go through, you have to wait for all the past generation's lawmakers to retire/die and be replaced. Getting financial institutions to adopt new things that don't directly make them money is even harder.