PANews reported on May 24 that the Reserve Bank of India (RBI) released its monthly bulletin for May 2024 on Tuesday, according to Bitcoin.com. The bulletin covers the significant impact and inherent risks of decentralized finance (DeFi) and cryptocurrencies in the financial system.

The bulletin stated: "Our findings indicate that interest in cryptocurrencies is driven by speculative motives rather than as a means of payment for real economic transactions. Due to the lack of accountability and stability in the crypto ecosystem, and the presence of regulatory ambiguity, retail investors need to exercise greater caution. Some cryptocurrencies may have underlying support; however, if the underlying asset itself is an unstable digital asset without transparency and central bank backing, then a crypto system without safeguards is prone to crises."

The bulletin also included a statement from the Governor of the Reserve Bank of India, Shaktikanta Das, who described "cryptocurrencies" and "private cryptocurrencies" as "a fashionable way to describe 100% speculative activity."