×
App Icon
The Standard e-Paper
Smart Minds Choose Us
★★★★ - on Play Store
Download App

India likens cryptocurrencies to Ponzi scheme

India's Finance Minister Arun Jaitley Photo:Courtesy

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.

Get Full Access for Ksh299/Week.
Uncover the stories others won’t tell. Subscribe now for exclusive access
  • Unlimited access to all premium content
  • Uninterrupted ad-free browsing experience
  • Mobile-optimized reading experience
  • Weekly Newsletters
  • MPesa, Airtel Money and Cards accepted
Already a subscriber? Log in