RBI Deputy Governor highlights the importance of adequate data for crypto regulation

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The Reserve Bank of India Deputy Governor T Rabi Sankar has called for more data on cryptocurrencies before formulating regulations in order to avoid issuing the “wrong set of prescriptions.”

“There is no data available.” Whatever information is available is deceptive. And making regulations in the absence of adequate information has a very high probability of resulting in the wrong set of prescriptions,” Sankar explained. According to the RBI’s Deputy Governor, issuing regulations in the absence of adequate information may result in issuing the wrong set of prescriptions. T Rabi Sankar emphasises the importance of gathering “adequate, reliable, and consistent information” before delving deeper into whether cryptocurrencies should be regulated. Sankar also urged global organisations to take the lead in regulating cryptocurrency.

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RBI Deputy Governor highlights the importance of adequate data for crypto regulation

The Reserve Bank of India Deputy Governor T Rabi Sankar has called for more data on cryptocurrencies before formulating regulations in order to avoid issuing the “wrong set of prescriptions.”

“There is no data available.” Whatever information is available is deceptive. And making regulations in the absence of adequate information has a very high probability of resulting in the wrong set of prescriptions,” Sankar explained. According to the RBI’s Deputy Governor, issuing regulations in the absence of adequate information may result in issuing the wrong set of prescriptions. T Rabi Sankar emphasises the importance of gathering “adequate, reliable, and consistent information” before delving deeper into whether cryptocurrencies should be regulated. Sankar also urged global organisations to take the lead in regulating cryptocurrency.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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