Crypto markets may centralise power – BIS bulletin


Crypto markets’ advocates claim they have created a “decentralised finance” structure, but they may actually centralise power, research published by the Bank for International Settlements finds.

In a quarterly bulletin article, Sirio Aramonte, Wenqian Huang and Andreas Schrimpf argue there is a “decentralisation illusion” at the heart of decentralised finance, or DeFi.

“The need for governance makes some level of centralisation inevitable and structural aspects of the system lead to a

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