I would assume they have full control of the currency, but it doesn't negate the purpose of blockchain, but perhaps the purpose of proof-of-work, so I hope they

I would assume they have full control of the currency, but it doesn't negate the purpose of blockchain, but perhaps the purpose of proof-of-work, so I hope they use something different. But long and short I think is that people don't want to have the possibility of losing their wallet, meaning someone else needs to have authority over it. I dislike the slowness and transaction fees of banks, not the state backed security.