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‘Decentralization illusion’: Central bank group urges regulation of DeFi crypto platforms
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cnbc.comIn this article
The central bank of central banks is worried about «decentralized finance.»
The Bank for International Settlements, an umbrella group for central banks, said in a report this week that it's concerned there's a «decentralization illusion» in DeFi.
DeFi is a rapidly-growing part of the cryptocurrency market that promises to deliver traditional financial products like loans and savings accounts without involvement from regulated middlemen such as banks.
But regulators are increasingly concerned about platforms offering DeFi services that may not be as «decentralized» as advertised.
«What we found is that, first, the decentralized aspect tends to be illusive,» Agustín Carstens, general manager of the BIS, told CNBC's Julianna
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