FSB member: Power in DeFi is concentrated in the hands of people with more Token and programming knowledge

BlockBeats, October 20 - Carolyn Wilkins, a member of the Bank of England's Financial Stability Board, said recently that finance can never be truly decentralized. Wilkins pointed out that people live in an inherently uncertain world where it is impossible to have a set of smart contracts that work for every situation, and there is always a need for centralized decision making when the unexpected happens. According to Wilkins, the ecological structure of DeFi dictates that knowledge and power will be concentrated in the hands of those with the most Token or programming expertise. But the possibility of using blockchain and other distributed technologies for financial services such as loans poses difficulties for regulators accustomed to specifying rules for well-defined, centralised entities such as banks.