Bill to ban unregulated deposit schemes could get Cabinet nod today

The Union Cabinet on Tuesday is likely to approve a Bill that seeks to ban all unregulated deposit schemes including Ponzi schemes and the ones accepting cryptocurrencies. 
 

Officials said the Bill — ‘Banning of Unregulated Deposit Schemes’ 2018 — was expected to be introduced as soon as the Budget session of Parliament resumed after recess next month. 

Earlier, the finance ministry had warned investors of investing in cryptocurrencies, saying those were like ponzi schemes.

The legislation comes at a time when the financial world has been hit by frauds and misappropriation of funds. Many are reported to have bought cryptocurrencies during the