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The decentralization promised by DeFi is an 'illusion' and a threat to global financial stability, BIS warns
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The Bank for International Settlements said Monday global «systemic regulation» is needed to oversee banking activity taking place outside of traditional financial institutions as DeFi, or decentralized finance, poses stability risks.
The DeFi market for peer-to-peer blockchain-based financial transactions surged beyond $100 billion in valuation this year. It most recently carried a $143 billion market capitalization in the wider $2.4 trillion cryptocurrency market. Stablecoins are a popular vehicle in facilitating DeFi projects such as crypto lending and borrowing platforms.
«DeFi supporters stress its potential efficiency gains,» such as reducing high costs and slow speeds within traditional finance systems, said
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