Central banks raising interest rates around the world has revealed the structural weaknesses in decentralised finance (defi), Jay Powell said at a conference today (September 27).

The Federal Reserve chair was joined by other top policy-makers Christine Lagarde, Ravi Menon and Agustin Carstens, with the discussion focusing on central banks’ responses to regulating crypto assets and the interaction of defi with monetary policy.

“Monetary normalisation around the world reveals structural issues