Bitcoin, Cryptocurrencies are Like Ponzi Schemes: India's Government

Cryptocurrency is similar to the Ponzi scheme (Ponzi is an investment scheme that provides revenue to existing project partners through investment from new investors.), Says the Indian government.

In a public warning on Friday, the Indian Ministry of Finance warned citizens against investing in virtual currencies such as bitcoyne, likening them to ponzi schemes. 

The Ministry of Finance of India published today a statement warning people "against the risks investing in virtual currencies, including Bitcoin," claiming that they do not have intrinsic value and are not protected by any assets. 'Speculation' reduces the prices for bitcoin and other virtual currencies, the Finance Ministry believes. 
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