The Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar on Saturday called data available on cryptocurrency misleading and said that rules relating to such digital currencies must be made based on clear understanding of what they (digital currencies) are and how they work.The RBI had said that the central bank digital currency (CBDC), or the e-rupee, will be as anonymous ..

"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," PTI quoted T Sankar as saying at a virtual conference hosted by the International Monetary Fund (IMF) on Saturday. The deputy governor highlighted the need for gathering "sufficient, trustworthy, and consistent information."

The deputy governor also batted for the formulation of an initiative modelled after the Organisation for Economic Co-operation and Development's (OECD's) Crypto-Asset Reporting Framework. "Initiatives would enable member countries to exchange information in real-time," he said. Sankar also urged the global agencies, including the IMF, to take a leading role in helping regulate cryptos.