India’s finance ministry on Friday cautioned investors about the risks of trading in cryptocurrencies such as bitcoin, saying digital currency investments are like “Ponzi schemes.
” Cryptocurrencies are not legal tender and have no regulatory permission or protection in the country, the Finance Ministry said in a statement, but stopped short of announcing an outright ban.
Investors and other participants dealing with such digital currencies are doing so “entirely at their risk and should best avoid participating therein.”
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