The Bank of Canada published a staff analytical note that mirrors the development of decentralized finance (DeFi) alongside possible routes of wider market regulations. The staff note released on Oct 17 shows the development stages of the cryptocurrency market, its benefits, challenges facing traditional finance, risk, and possible impact on financial markets alongside regulations. Per the report, crypto assets were initially developed as a payment system deployed on the blockchain before diversifying into new fields of financial services. One benefit of the ecosystem highlighted by the bank is the composability of smart contracts making it easy for more companies to create services.
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