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Decentralised finance for cryptoassets built on an illusion, says BIS

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LONDON : Decentralised finance catering for cryptoassets could undermine financial stability if it gained traction and more safeguards are needed, the Bank for International Settlements said in its quarterly review on Monday.So-called DeFi platforms allow users to lend, borrow and save, usually in cryptoa

LONDON : Decentralised finance catering for cryptoassets could undermine financial stability if it gained traction and more safeguards are needed, the Bank for International Settlements said in its quarterly review on Monday.

DeFi has the potential to complement traditional financial activities, but it currently has few real-economy uses and, for the most part, supports speculation and arbitrage across multiple cryptoassets, the BIS said in its quarterly review. DeFi's main premise of reducing costs by removing intermediaries seems yet to be realised, the BIS addded.

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