Wu said that according to Bitcoincom, the Reserve Bank of India (RBI) released a monthly bulletin for May 2024. The bulletin covers the significant impact and inherent risks of decentralized finance (Defi) and cryptocurrencies on the financial system. The announcement reads that people's interest in cryptocurrencies is motivated by speculation rather than as a means of payment for actual economic transactions. Due to the lack of responsibility and stability in the crypto ecosystem and unclear regulation, retail investors need to be more cautious. Previously, the Reserve Bank of India believed that private virtual assets represented macroeconomic risks.