Cryptocurrencies are a Ponzi scheme – Finance Ministry

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Cryptocurrencies are not legal and have no regulating permission or protection in the country, the finance ministry said in a statement, but stopped short of announcing an overall ban or imposing any curbs.

Investors and other participants dealing with such digital currencies performing so “entirely at their risk and should best avoid participating therein, ” the statement said.

“There is indeed an and increased risk of investment bubble of the type noticed in Ponzi schemes”, with traders risking a sudden and prolonged crash, the statement further said said.

India currently has no regulation for cryptocurrencies, and like other global policymakers, it is seeking to understand how to supervise a market that many feel is a speculative bubble.

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