India Equates Cryptocurrencies To Ponzi Schemes In Warning

India’s finance ministry on Wednesday issued a warning against trading and transacting in crytpocurrencies such as Bitcoin, saying they do not have any intrinsic value and likened them to Ponzi schemes. The virtual currencies, or VCs, are not backed by any kind of assets and the price of Bitcoin and its peers is “entirely a matter of mere speculation”, the ministry said in a statement.