‘DeFi’ Decentralization Promise Is an Illusion, BIS Chief Says

Advocates of a decentralized future of money based on distributed ledger technology are chasing an illusion, according to Bank of International Settlements General Manager Agustin Carstens.

Their vision, which is to “democratize finance” by cutting out big banks and other middlemen, is “not what decentralized finance applications are delivering,” he said on Tuesday addressing an event in Frankfurt.