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22
February2018
Ministry of Finance of India compared cryptocurrencies with financial pyramids

Ministry of Finance of India compared cryptocurrencies with financial pyramids

The Indian government believes that cryptocurrencies have all the features of financial pyramids. It is said in the statement of the Ministry of Finance of the country.

In particular, it is noted that citizens should be extremely cautious when dealing with cryptocurrencies, since it is easy to get trapped, similar to the schemes of Charles Ponzi, the ‘author’ of the first financial pyramid.

The authority also was warned that the rate of cryptocurrencies is constantly changing, affected by speculative expectations.

The Ministry of Finance has repeatedly emphasized that cryptocurrency is not regulated by Indian law and, accordingly, doesn’t have the status of a legal tender. Therefore, carrying out operations with digital currency, crypto investors put themselves at possible financial and legal risks.

 

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