Bank of England policy committee member says DeFi isn’t decentralized

The speech suggested that the private sector should play a more active role in shaping best practices for the crypto industry. A senior advisor to the Bank of England suggested that decentralized finance is not as decentralized as it claims to be in a speech to the University College London’s Blockchain Research Center on Wednesday. Concentrations of power in [proof-of-work] and [proof-of-stake] systems, and other flaws in governance of crypto and DeFi, have already contributed to all-too familiar issues; top of the list are business failures, illegal activity and financial losses for investors,” warned Carolyn Wilkins, an external member of the central bank’s financial policy committee and a former leader for Canada’s central bank.