China’s Blockchain Service Network (BNS) Chair Tags Bitcoin A Ponzi and Stablecoins Fine If Regulated

As the Chinese government continues to celebrate the decline of the cryptocurrency market, a top Chinese blockchain expert has called crypto a Ponzi scheme. The CEO of Red Date Technology, one of the leading tech firms in developing China’s major blockchain project, Yifan He, recently wrote an article where he explained the Ponzi-like nature of various kinds of cryptocurrencies. The local newspaper, The People’s Daily, published the article on Sunday. In the piece, Yifan tagged private cryptocurrencies as the “biggest Ponzi scheme in human history.”

Yifan also mentioned the collapse of the Terra network and the ...

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