Bank of England peers into the opaque world of DeFi

Bank of England peers into the opaque world of DeFi

Bank of England peers into the opaque world of DeFi

The Bank of England has begun to explore how to manage risks generated by the rapid initial growth of decentralised finance, or ‘DeFi’ applications.

Which objects have been used as money throughout the ages?

Find out which objects – some more unusual than others – have been used around the world as money over the course of history.

For more information on money in all its various forms, see our KnowledgeBank guide

For the factual sources for this video, see Glyn Davies ‘History of Money’ (University of Wales Press, 2005) and Joe Cribb ‘Money: from Cowrie Shells to Credit Cards’ (British Museum Publications, 1986).

DEFI – From Inception To 2021 And Beyond (History Of Decentralized Finance Explained)

So what’s the story behind Decentralized Finance? How has all of this started? What happened in DeFi in 2020? And where are we going in the future? You’ll find answers to these questions in this video.

Although there is no one agreed-upon date when decentralized finance was born, there were a few important events that made DeFi possible.

The first of them was the creation of Bitcoin in 2009 by Satoshi Nakamoto.

Despite whether Bitcoin should be classified as DeFi or not, its inception was the key enabler for the whole cryptocurrency industry which decentralized finance is part of.

Although sending Bitcoin around the world is cool – finance doesn’t stop there. Every robust financial system needs a set of other important services such as lending, borrowing, trading, funding or derivatives.

Ethereum, with its Turing-complete programming language Solidity and the ERC20 standard for creating new tokens, quickly became a go-to smart contract platform to build on.

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What is DeFi, and could it upend finance as we know it?

The crypto industry wants to upend the giants of finance. And they have a word for their revolution: “DeFi.”

After a litany of crises and scandals in traditional finance, legions of computer programmers decided to throw their hat into the ring, creating new infrastructure that took banks and other institutions out of the equation. Anyone with a computer and an internet connection could launch their own software for things like lending, trading or insurance.

But that lower barrier to entry opened the space to bad actors who wanted to swindle people out of their money. The industry’s rapid pace of development also led to bugs and programming gaffes, making it an easy target for cyber-savvy criminals. In 2021, more than $12 billion was lost to thieves and scammers exploiting DeFi protocols.

Now, after a plunge in crypto prices, and the demise of multibillion-dollar projects like Terra, regulators and law enforcement are paying more attention, zeroing in on the hackers and grifters making operating in the nascent industry.

Watch the video to learn more about DeFi, how it works, and what’s next for the industry as regulators seek to clean it up.

#CNBC #DeFi #Blockchain #Crypto #Finance



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Exposing the Tactics Used by Multinational Corporations to Avoid Paying Taxes

In this video, we take a closer look at the various tactics used by multinational corporations to avoid paying taxes. From transfer pricing to offshore tax havens, and base erosion and profit shifting, we explain how these strategies work and their impact on the global economy. We also discuss the ongoing efforts to address corporate tax avoidance and ensure that companies pay their fair share of taxes.#MultinationalCorporations #TaxAvoidance #TransferPricing #OffshoreTaxHavens #BEPS #CorporateTax #TaxReform#TaxIncentives #Lobbying #CorporateTaxation #TaxHavens #GlobalEconomy #OECD #TaxTransparency#TaxJustice #FairTaxation #CorporateResponsibility #TaxEvasion #InternationalTaxLaw #TaxAvoidanceTactics #CorporateTaxReform#CorporateTaxAvoidance #TaxDodging #TaxSheltering #MultinationalTaxation #TaxJusticeMovement #CorporateTaxationReform #TaxAvoidanceStrategies
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