News Formal

Decentralised finance for cryptoassets built on an illusion, says BIS

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 66%

United States News News

United States United States Latest News,United States United States Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Commentary: Why COP26 was a watershed moment for business, banks and the financial sectorMany may be quick to brush off the Glasgow climate conference as a failure, but the NatWest Group chairman argues that progress has been made in sustainable business and finance.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »