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Ex-Bank of China Chief Issues DeFi Warning

cryptonews.com
 2021-07-29

Cover picture for the articleThe former head of the commercial banking giant the state-owned Bank of China has sent out a warning about decentralized finance (DeFi) and cryptocurencies. Per the 21st Century Business Herald, via East Money, Li Lihui, who was appointed President of the Bank of China in 2004, stated that “decentralized finance has provided a challenge to the traditional model of centralized finance.” He added that DeFi is “separate” from “the current financial system,” out of the “supervision” of its regulators – and that it “should receive a lot of attention and vigilance.”

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