High-Profile Indian Government Official Calls Bitcoin a Ponzi Scheme6.4

Cryptocurrencies like bitcoin are Ponzi scheme and deserve to be banned to protect investors, at least according to Anurag Agarwal.

The joint secretary for India’s Ministry of Corporate Affairs accused bitcoin of simplifying financial frauds in the Indian markets. He said authorities were in favor of banning bitcoin, adding fuel to rumors indicating the Indian government’s likelihood of drafting an anti-bitcoin bill.

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