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Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar has said that all available data on cryptocurrency is misleading and called for establishing all related rules on a clear understanding of what cryptocurrency is. digital currencies and what they are supposed to do.
He also called for one-stop communication at all levels for effective crypto regulation.
“The data is not available. Whatever data is available is misleading. And making regulations without adequate information has a high probability that we end up with the wrong set of prescriptions,” T said. Sankar at a virtual conference hosted by the International Monetary Fund (IMF) on Saturday.
He said there was a need to collect sufficient, reliable and consistent information.
He called for establishing all related rules on a clear understanding of what cryptocurrencies are and what they are supposed to do and single communication at all levels for effective crypto regulation.
The Deputy Governor also advocated for the formulation of an initiative inspired by the Organization for Economic Co-operation and Development (OECD) crypto-asset reporting framework. “There are initiatives that would allow member countries to exchange information in real time,” he said. Sankar also urged global agencies, including the IMF, to take a lead role in crypto regulation.
The RBI had said that the central bank digital currency (CBDC), or electronic rupee, would be as anonymous as the banknote and would have all the relevant laws applicable to it as banknotes.
In an interview after the announcement of the repo rates by the Monetary Policy Committee, RBI Governor Shaktikanta Das on Dec. 7 said that e-rupee transactions will not have any middleman unlike UPI transactions.
FTX became the latest crypto exchange to collapse last month. The crypto company allegedly used customers’ money for various risky activities. As a result, FTX customers lost billions of dollars. Bankman-Fried, who was used to rubbing shoulders with political leaders, said he was unaware of any fraud. Before that, some of the companies that recently announced financial difficulties were Terraform Labs, Voyager Digital, Three Arrows Capital (3AC), Celsius Network and Babel Finance.
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