Risk making wrong norms for crypto without more data: RBI Deputy Governor Rabi Sankar
Initiatives to gather data on crypto need to be undertaken quickly before any regulations are formed so that "wrong set of prescriptions" are not issued, a top Indian central banker has said.
Speaking on December 9 at a discussion, Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar said the entire discussion on crypto had poor foundations when it came to data.
"Data is not available. Whatever data is available is misleading. And making regulations in absence of adequate information carries a very high probability of we actually ending up with the wrong set of prescriptions," Rabi Sankar said in the discussion organised by the International Monetary Fund (IMF) on regulation and supervision of crypto assets.
"I think the first step is to collect adequate, reliable, consistent information before we talk about exactly how they (crypto) need to be regulated and whether they need to be regulated," he added.
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