To make it clear, I was talking about the different governance structures that a blockchain itself may have. It may be entirely decentralized or it may be centralized.
I think that if and when you're looking at either regulating or doing anything about a certain blockchain, you need to look at what type it is. Is it entirely decentralized or is it centralized? When it is, it's in clear ledger, so if a bank decides to keep a ledger on a blockchain to issue bonds, it's in clear ledger, and that's all there is. If it's entirely decentralized, and you have, for example, the necessity of 51% of the network to vote on any block for it to be invalidated, that's a completely different governance structure.
I wouldn't advise the government to direct any type of governance structure, of course, because blockchain by definition can have either of these, but be mindful of the structure that a blockchain is following before thinking about regulating it or anything like that.
If I may, I will take this opportunity to mention the central bank digital currency that we are seeing as a pilot in certain countries, such as Australia. That is a blockchain that would be established by the Bank of Canada to issue Canadian dollars on the blockchain. There you will have to think about the governance structure that you do want on that blockchain.