InvestorQ : Has the government called for a ban on cryptocurrencies?
Ishita Jain made post

Has the government called for a ban on cryptocurrencies?

Answer
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nishi Shah answered.
1 year ago


Yes, the government has said that cryptocurrencies need to be banned in India because virtual currencies such as bitcoins are a ponzi scheme.

“Cryptocurrency is a ponzi scheme and it should be banned. This is the view of the IEPF (Investor Education and Protection Fund) authority and we want the government to take a stand on it. By not taking a decision, we are harming investors," said Anurag Agarwal, joint secretary, Ministry of Corporate Affairs.

What is the IEPF? IEPF is a fund that falls under the administrative control of the corporate affairs ministry and was set up to facilitate refund of shares, unclaimed dividends and matured debentures to investors and promote awareness among them.