india likens crypto cash to ponzi schemes
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

including bitcoin

India likens crypto cash to Ponzi schemes

Arab Today, arab today

Arab Today, arab today India likens crypto cash to Ponzi schemes

India is the latest country to warn against investing in cryptocurrencies.
New Delhi - Arab Today

India warned Friday against investing in cryptocurrencies including bitcoin, likening them to "Ponzi schemes", as it became the latest country to urge caution.

Despite a boom in trade that has seen prices soar, cryptocurrencies "don't have intrinsic value and are not backed by any kind of assets," the Indian finance ministry said in a statement.

"There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash," it said.

Bitcoin prices plunged by almost 40 percent from its record high of $19,500 this month as investors cashed out following the wildly volatile currency's stratospheric rise.

Analysts and governments have repeatedly warned about a bubble that could burst at any moment as investors, many inexperienced, piled into the currency.

India's government said consumers needed to be "extremely cautious as to avoid getting trapped in such Ponzi schemes".

Its warning came a day after South Korea, a hotbed for cryptocurrency trading, said it would ban anonymous trading of virtual currencies.

On Tuesday Israel announced a move to ban trading in cryptocurrency-based companies on the Tel Aviv market until it can regulate transactions involving digital coins.

The vice-president of the European Central Bank has also expressed concern about the relentless rise in the value of bitcoin.

US Federal Reserve boss Janet Yellen has said bitcoin is not money and called on banks to be certain their digital currency transactions adhere to anti-money laundering statutes.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

india likens crypto cash to ponzi schemes india likens crypto cash to ponzi schemes

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

india likens crypto cash to ponzi schemes india likens crypto cash to ponzi schemes

 



GMT 15:19 2015 Wednesday ,18 November

The Superheroes have landed in Al Majaz Waterfront

GMT 14:47 2015 Thursday ,17 December

Orascom Telecom seeks to acquire 100% of Capital Holding

GMT 09:27 2018 Sunday ,21 January

Aoun convenes with French MP of Lebanese origin

GMT 12:13 2018 Saturday ,20 January

Cabinet meets under Aoun, to discuss 34 item agenda

GMT 03:53 2018 Thursday ,18 January

Republican senator slams Trump for Stalin-like attacks

GMT 17:01 2011 Thursday ,10 February

Abu Dhabi to pump $5.2 bln into Aldar

GMT 06:37 2015 Sunday ,27 September

Insigne, Higuain compound Juve woes in Napoli win

GMT 09:17 2013 Wednesday ,06 February

I’m leaving Egypt’s press union

GMT 08:02 2017 Friday ,10 February

Brazil and Argentina to play friendly in Australia

GMT 03:10 2017 Thursday ,10 August

January21st-February19th

GMT 01:23 2017 Saturday ,26 August

November23rd-December21st

GMT 09:23 2017 Saturday ,11 February

Ahly's coach praised his team performance

GMT 03:29 2017 Monday ,18 September

June22nd-July23rd

GMT 10:24 2016 Wednesday ,09 November

Dollar tumbles against yen, euro
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday