Skip to content
Search

Latest Stories

India likens crypto cash to Ponzi schemes

India warned on Friday (29) against investing in cryptocurrencies including bitcoin, likening them to "Ponzi schemes", as it became the latest country to urge caution.

Despite a boom in trade that has seen prices soar, cryptocurrencies "don't have intrinsic value and are not backed by any kind of assets," the Indian finance ministry said in a statement.


"There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash," it said.

Bitcoin prices plunged by almost 40 percent from its record high of $19,500 this month as investors cashed out following the wildly volatile currency's stratospheric rise.

Analysts and governments have repeatedly warned about a bubble that could burst at any moment as investors, many inexperienced, piled into the currency.

India's government said consumers needed to be "extremely cautious as to avoid getting trapped in such Ponzi schemes".

Its warning came a day after South Korea, a hotbed for cryptocurrency trading, said it would ban anonymous trading of virtual currencies.

On Tuesday Israel announced a move to ban trading in cryptocurrency-based companies on the Tel Aviv market until it can regulate transactions involving digital coins.

The vice-president of the European Central Bank has also expressed concern about the relentless rise in the value of bitcoin.

US Federal Reserve boss Janet Yellen has said bitcoin is not money and called on banks to be certain their digital currency transactions adhere to anti-money laundering statutes.

More For You

Black Friday

Britons are expected to spend £9.52bn over this year's four-day Black Friday weekend

Getty Images

Black Friday bargains 'not always the cheapest', survey finds

Highlights

  • Research tracked 175 products across eight major retailers over 12 months.
  • Britons expected to spend £9.52bn over four-day Black Friday weekend.
  • 77 per cent of small businesses reject participation, up from 69 per cent last year.
Shoppers hunting for bargains this Black Friday may be disappointed, as new research reveals the heavily promoted discounts often fail to deliver the year's best prices.

Consumer group Which? compared prices for 175 home, tech and health appliances across eight retailers, including Amazon and John Lewis, tracking them over a full year from May 2024 to May 2025. The investigation found that on Black Friday 2024, none of the items examined were at their cheapest price over the surrounding 12-month period.

The findings cast doubt on the annual shopping event's promise of unbeatable deals. Britons are expected to spend £9.52bn over this year's four-day Black Friday weekend, 4.2 per cent more than last year, according to separate research from Vouchercodes.

Keep ReadingShow less