What is this doing in the meantime? The real question is how many billions of people are you going to sacrifice on the altar of money laundering, because the current answer is just a bit over four billion people. Four billion people who are in the deepest parts of poverty are excluded from banking and financial systems and it is because of Know Your Customer and Anti-Money Laundering and borders and control of networks.
But that system is not immutable. The banks can get together and roll back the blockchain and write something else. With bitcoin’s proof-of-work, you can’t do that. No one can do that because you can’t get enough miners to put enormous amounts of hashing power behind that kind of effort. You lose immutability. You lose decentralization.