Crypto Is A Ponzi Scheme, Says The Indian Government

Crypto is a Ponzi scheme according to the Indian government watchdog after an official from the agency urged the country to ban crypto. He says that investors need to be protected according to the latest altcoin news that reached our website today.

The chief executive officer at the Investor Education and Protection Fund Authority, Anurag Agarwal, commented that crypto is a Ponzi scheme according to the local reports. He urged the country’s lawmakers to draft a bill that will terminate cryptocurrencies like Bitcoin to be used in the country. He later became the Joint Secretary of Ministry of Corporate Affairs for the Indian government. Anurag believes that cryptocurrencies should be banned in India in order to protect investors.

Agarwal is even more concerned and he stated:

 “When it comes to investor protection, the IEPFA has to take a stand against certain things. Against ponzi schemes, we are taking a stand. We think that crypto currency is a ponzi scheme and it should be banned.”

When it comes to government agencies, the IEPFA is the federal government agency in India established in 2016 to provide investors with the education and protection from the dangers of crypto Ponzi schemes according to their website:

 “It makes refunds of shares, unclaimed dividends, matured deposits/debentures etc. to investors and to promote awareness among investors.”

Despite the fact that crypto is a Ponzi scheme is one of the general opinions in the country, there is also growing support from authorities to ban cryptocurrencies. As previously reported in the latest cryptocurrency news, the Indian government is developing a draft bill that will put a ban on cryptocurrencies such as Bitcoin according to the Economic Times. This could be the final hit to the future of cryptocurrencies in the country.

The draft of the ‘’banning of cryptocurrencies and regulation of official digital currencies bill 2019’’ is going from one department to another and they are wondering whether to impose it or not. The authorities are also wondering whether crypto is a Ponzi and are willing to use the harshest methods to protect future investors. The country even found its way around the regulations when it came to their own crypto exchange Unocoin.