The FSB is out with a report this Thursday on the financial stability, and regulatory and governance implications, of decentralised financial technologies. It provides a thoroughly balanced picture of the associated pros and cons of what is becoming one of the widest spread trends in the financial sector.On one hand, it notes, more decentralisation could improve stability by leading to greater competition and diversity, while reducing the systemic importance and risk of some existing entities.On the other hand, it also notes, more decentralisation could heighten the degree of procyclicality in decentralised risk-taking while introducing all sorts of new uncertainties concerning the determination of legal liability and consumer protection. It might also make recovery and resolution of
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The FSB is out with a report...