World Bank Chief: Cryptocurrencies are basically Ponzi schemes - BBG

Bloomberg reports comments from the World Bank Group President Jim Yong Kim, delivered late-Wednesday at an event in Washington.

Key Quotes:

“In terms of using Bitcoin or some of the cryptocurrencies, we are also looking at it, but I’m told the vast majority of cryptocurrencies are basically Ponzi schemes,” 

“It’s still not really clear how it’s going to work.”

The development lender is “looking really carefully” at blockchain technology.