T. Rabi Sankar, the deputy governor of the Reserve Bank of India, has urged more research on cryptocurrencies before laws are made to prevent a "wrong set of prescriptions."
"Data is not available. Whatever data is available is misleading. And making regulations in the absence of adequate information carries a high probability of us ending up with the wrong set of prescriptions," Sankar said at a virtual conference hosted by the International Monetary Fund (IMF ).
Sankar highlighted the need for more statistics on cryptocurrencies. He emphasised the need for gathering "sufficient, trustworthy, and consistent information."
Sankar also underscored the importance of a thorough knowledge of cryptocurrencies for passing regulations and clarity about what they intend to accomplish.
Crypto.com “Has History Of Red Flags”
In a recent media interview, Crypto.com CEO Kris Marszalek assured users about the platform’s security. The comments come as the crypto market has witnessed a steep decline over the past year, with well-known names going bankrupt.
FTX became the latest crypto exchange to collapse last month, shortly after creator Sam Bankman-Fried claimed its assets were secure. FTX reportedly used clients’ money for various risky activities. Consequently, FTX clients lost billions of dollars. Bankman-Fried asserted that she was unaware of any fraud.
