The Deputy Governor of the Reserve Bank of India (RBI) believes that the lack of uniform rules for providing data does not allow investors and supervisory authorities to receive reliable information about the real state of the crypto industry.
T Rabi Sankar is sure that any data on digital assets that are available to investors in the cryptocurrency market is not relevant and misleading. The official believes that supervisory agencies need to require crypto companies to provide “sufficient, reliable and consistent information” and calls for building regulatory rules based on a clear understanding of what digital currencies are and how they function.
“Real information is not available, and the available data is misleading. Therefore, the introduction of rules in the absence of adequate information is associated with a high probability that we will end up with the wrong set of prescriptions,” said an RBI top manager at a virtual conference organized by the International Monetary Fund.
The Deputy Governor of the RBI called for the creation of uniform principles for generalizing data across all areas of activity and suggested taking the Organization for Economic Co-operation and Development (OECD) reporting system for crypto assets as a model.
T Rabi Sankar is confident that the digital rupee RBI will be as anonymous as a banknote, all relevant laws will apply to it, as to banknotes, and that there will be no intermediary in transactions with electronic rupees.
Source: Bits
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