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December 8, 2021 04:00 pm

'Decentralization Illusion': Central Bank Group Urges Regulation of DeFi Crypto Platforms

The central bank of central banks is worried about "decentralized finance." From a report: 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," Agustin Carstens, general manager of the BIS, told CNBC's Julianna Tatelbaum Tuesday. "There are some incentive issues related to the fact that, through this decentralization, at some point you end up with some agents that play an important role, and not necessarily for the best [interests] of users of financial services." The central bank group did not mention any specific names related to its concerns.

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