India's central bank warns retail investors of cryptocurrencies' lack of responsibility and stability
The Reserve Bank of India (RBI) released its monthly report for May 2024 on Tuesday. The report covers the significant impact and inherent risks of decentralized finance (defi) and cryptocurrencies on the financial system. The announcement stated that our research results show that people's interest in cryptocurrencies is driven by speculative motives rather than as a means of actual economic transactions. Due to the lack of responsibility and stability in the crypto ecosystem, as well as vague regulation, retail investors need to be more cautious.
Some cryptocurrencies may have underlying asset support, but if the underlying asset itself is another unstable digital asset without transparency and central bank support, the cryptocurrency system is easily prone to an unsecured crisis.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Utah’s Bitcoin reserve bill could become the first state-level law in the US
Share link:In this post: Utah could soon get its digital asset bill approved, especially since its Economic Development Committee voted in favour of it. Porter and Teuscher expect Utah to be the first US state to establish a Bitcoin reserve. Senator Lummis says their reserved bill has earned more bipartisan support, though they could use a bit more.
These Overlooked Coins Are The Next Cryptos To Run In 2025
UBS is testing blockchain to boost retail gold investments