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Bank of International Settlement calls the rise of decentralized finance 'an illusion' in latest quarterly review
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On Monday, the Bank of International Settlement, or BIS, a financial institution owned by central banks worldwide, published a report scrutinizing the development of the decentralized finance, or DeFi, industry. The article opened by saying, "There is a "decentralization illusion" in DeFi since the need for governance makes some level of centralization inevitable, and structural aspects of the system lead to a concentration of power." It continued:
According to BIS, all DeFi protocols have
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