Bank of International Settlement calls the rise of decentralized finance 'an illusion' in latest quarterly review By Cointelegraph

Bank of International Settlement calls the rise of decentralized finance 'an illusion' in latest quarterly review

Cryptocurrency Dec 06, 2021 01:20PM ET

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Bank of International Settlement calls the rise of decentralized finance 'an illusion' in latest quarterly review

On Monday, the Bank of International Settlement, or BIS, a financial institution owned by central banks worldwide, published a report scrutinizing the development of the decentralized finance, or DeFi, industry. The article opened by saying, "There is a "decentralization illusion" in DeFi since the need for governance makes some level of centralization inevitable, and structural aspects of the system lead to a concentration of power." It continued:

According to BIS, all DeFi protocols have inherent elements of centralization due to their central governance frameworks, in a way similar to legal entities such as corporations. In addition, certain DeFi blockchains concentrate power at the hands of large coin-holders or to insiders in token sales.

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