'Bitcoin is NOT a Ponzi scheme', says Indian crypto trader

04 May, 2019 | Updated: 04 May, 2019
by Joeri Cant
Bitcoin
'Bitcoin is NOT a Ponzi scheme', says Indian crypto trader

A popular Bitcoin enthusiast in India, who goes by the Twitter handle, Sunny Bitcoin, disagrees with a high-profile Indian government official who claims that Bitcoin is a Ponzi scheme.

The Twitter user, Sunny Bitcoin, disagrees with the statements made by Anurag Agarwal, the joint secretary for India’s Ministry of Corporate Affairs.

The state official said that cryptocurrencies are a Ponzi scheme and should be banned to protect the interest of investors. He further accused Bitcoin of simplifying financial frauds in the Indian markets and pointed out that the Indian authorities were in favor of banning bitcoin.

Agarwal, who is also the CEO of Investor Education and Protection Fund Authority, said that 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 cryptocurrency is a Ponzi scheme and it should be banned', he said.

Indian Bitcoin enthusiast, Sunny Bitcoin, tweeted that 'just like stocks of scam companies do not make the entire asset class of stocks a scam, similarly Ponzi cryptos do NOT make Bitcoin a Ponzi.'

'Bitcoin is NOT a Ponzi!', he emphasized.

Recently Chepicap reported that the Indian government is exploring a bill that would completely ban the creation and sale of cryptocurrencies, and that Indian private bank HDFC is threatening its customers for buying crypto.

TAKE OFF! 3 Potential Buys for May! Subscribe to the Chepicap YouTube Channel for more videos!

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Chepicap is now LIVE in Blockfolio! This is how you receive our latest news in your portfolio tracker!  

Read more about: Bitcoin (BTC) India

Poll

Do you think cryptocurrencies will be banned in India?

(48 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage