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Decentralized finance built on 'illusion' and threatens stability, BIS study warns

By Jack Schickler ( December 6, 2021, 12:00 GMT | Insight) -- Decentralized finance underpinned by blockchain technology is built on an “illusion” and opens the financial system up to “severe” vulnerabilities, a paper for the Bank for International Settlements warns today. The use of cryptoassets to offer traditional financial services like loans and securities trading has grown enormously, but the study warns about the need to combat scams and instability, calling for fundamental structural changes in the sector. Decentralized finance underpinned by cryptocurrency-style blockchain technology is built on an “illusion” and opens the financial system up to “severe” vulnerabilities, a paper produced for the Bank for International Settlements has said....

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