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.