India’s Ministry of Finance said on Friday that Bitcoin and other digital currencies are “like ponzi schemes” and that investors should be extra cautious when investing in these currencies. The ministry said in a statement that there is a real and high-risk investment bubble similar to ponzi schemes in the cryptocurrency market.. In such a “bubble” situation, the long-awaited and sudden “collapse” may cause all investors, especially retail customers, to lose the money they have earned.
Part of the explanation is as follows:
“There is a real high-risk investment bubble, similar to ponzi schemes, which is long-awaited and can come on suddenly, causing investors, especially retail customers, to lose all their hard-earned money.. Consumers need to be vigilant and as cautious as possible in order not to fall into traps in such Ponzi schemes.”
The government of India still has not brought a legal regulation covering the digital currency market, but to investigate what regulations can be brought to the government sector and the sector.
Members of the established committee include the country’s central bank and the Reserve Bank of India (RBI).
Despite this latest warning, the country’s finance ministry has not yet imposed a collective ban on digital currencies, nor has it taken measures to hinder the spread and trade of digital currencies in India. .
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