Finance Ministry compares Bitcoin, Virtual currencies with Ponzi Schemes, advises caution!

Ashish Kedia

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(29/12/2017) Delhi :

Finance ministry today issued a strong statement against growing euphoria concerning Virtual currencies and advised for exercising necessary restrain and caution while investing into them. Finance Ministries statement compared virtual currencies with Pozi Schemes and elaborated on its volatile nature.

Making a strong point over the nature of such currencies the statement reads, “Virtual Currencies are not backed by any physical assets and the fluctuation in their prices are entirely based on speculations and investing trends”.

The statement also talks about any sudden crash that may cause loss of hard earned money for investors.

Here is the complete statement issued by Finance Ministry in this regard :

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