The Indian government is doubling down on its already public skepticism of cryptocurrencies. In a new statement issued Dec. , India s Ministry of Finance warned residents against the risks associated with trading cryptocurrencies, going so far as to compare blockchain based assets like bitcoin to "Ponzi .INDIA S finance minster Arun Jaitley used his budget speech today to slam cryptocurrencies and has promised his right wing BJP government will do everything to discontinue the use of bitcoin and other virtual currencies in India..NEW DELHI Reuters India is planning steps to ensure cryptocurrencies are illegal within its payments system, while at the same time appointing a regulator to oversee unregulated exchanges that trade in "crypto assets," a finance ministry official said on Monday. A Bitcoin virtual currency coin is seen in .Indian finance minister Arun Jaitley has promised adown on the use of cryptocurrencies such as bitcoin for illicit purposes, stressing the government does not consider them to be legal tender. "The government does not consider cryptocurrencies as legal tender or coin and will take all measures to .
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Investors dealing with such digital currencies are doing so "entirely at their risk and should best avoid participating therein," the finance ministry said..
The India government doubled down its skepticism over cryptocurrencies, calling them like Indian Finance Ministry Cryptocurrencies Are assets like bitcoin to .
Indian Finance Ministry Cryptocurrencies Are 'Like Ponzi Schemes going so far as to compare blockchain based assets like bitcoin to "Ponzi schemes.".
In a public warning on Friday, India's finance ministry cautioned citizens against investing in virtual currencies like bitcoin, likening them to ponzi schemes. India's Ministry of Finance issued a statement today cautioning people 'against risks investing in virtual currencies including Bitcoin', claiming they lack intrinsic value and aren't backed by .