Crypto currency is a "ponzi scheme" and should be banned to protect the interest of investors, a government official said Friday. Amid continuing debates about crypto currencies such as Bitcoins, the Investor Education and Protection Fund (IEPF) Authority, which comes under the corporate affairs ministry, is in favour of banning trade in such currencies. Crypto currencies are based on blockchain technology and there are concerns about its viability in the long-term and risk to investors, especially considering steep fluctuations in the prices. These are digital units in which encryption techniques are used for trading and these currencies operate independently of a central bank. "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 crypto currency is a ponzi scheme and it should be banned," IEPFA CEO Anurag Agarwal said. Emphasising that it is the view of the IEPFA, Agarwal, also a ...
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Friday, April 26, 2019
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