Pasban Democratic Party (PDP) dist president Mian Zeeshan adv has said that crypto currency is a sort of Ponzi scheme and people should stay away from this scam.
In a statement, he said that crypto currency is like gambling and with it money laundering is being promoted.
He said in the case of failure of crypto currency no individual or institution would be responsible for losses.
He said due to strict international laws, black sheep are now using the crypto currency instead of Swiss account code as was the practice in the past.
He said this is a big fraud.
He said that bit coin is a game plan of big capitalists, aimed at to fleece small investors.
He said that with promotion of crypto currency, governments would lose their monopoly on currency and funds could be transferred anywhere in world without check and balance. These funds could also be used for terrorism.
He said security of crypto currency algorithm is for giving confidence to people and in case of its failure people would suffer the loss.
He suggested that the world should adopt gold standard, which would also help in controlling inflation.
He urged young people to work hard and earn clean money instead of investing in Ponzi schemes.
He said the crypto currency is a plan to whiten the black money of the third world.
He said after introduction of modern interest-based system the world is braving worst financial crisis after every ten years.
He suggested in investing in precious matels.
He said China had show vision and banned crypto currency.
He said as Muslims we believe in earning honest money through hard work.