Has Ratan Tata invested in cryptocurrency? He says it is absolutely untrue

Ratan Tata, the chairman emeritus of Tata Sons, has clarified that he has no associations with cryptocurrency of any form. The industrialist’s post came after many reports claimed that he had invested in cryptocurrency. 

“This is an extremely important announcement. If you see any article or ads mentioning my association with cryptocurrency, there are absolutely untrue and meant to scam citizens,” Ratan Tata wrote on a screenshot of a news report. 

In 2021, industrialist Anand Mahindra had to also step in after reports circulated claiming that he has invested in cryptocurrencies. 

The chairman of the Mahindra and Mahindra Group had then tweeted, “This would be highly amusing if it wasn’t so unethical &, in fact, dangerous. Someone saw this online & alerted me. I need to make people aware that this is completely fabricated & fraudulent. Takes fake news to a new level. Ironically, I’ve not invested a single rupee in cryptos.”

What is cryptocurrency?

It is a digital currency that is secured via cryptography, making it difficult to counterfeit. One does not need to carry physical money or exchange it in the real world. Cryptocurrencies are a fast-growing segment and are quite popular across the globe. 

Cryptocurrencies have not been regulated as a payment medium in India yet. These are considered as digital assets and are liable for taxation.

The 2022-23 Budget clarified that a 30 percent tax plus cess and surcharges will be applicable on crypto assets. Also, Section 194S levies a 1% Tax Deducted at Source (TDS) on the transfer of crypto assets from July 01, 2022, if the transactions exceed ₹50,000 (or even ₹10,000 in some cases) in the same financial year.

Cryptocurrency, the verdict is divided

Tech billionaire Elon Musk is one of the strongest batters of cryptocurrency. He has been posting about cryptos for many years now and is being seen as one of the biggest reasons for the rise of dogecoin. The Tesla boss often tweets about dogecoin.

But not everyone is a big fan of cryptocurrency.  Bill Gates, the billionaire founder of Microsoft, said that cryptocurrencies are based “100% on the greater fool theory.”  Another one of the world’s richest men, Warren Buffett has also called crypto nothing but a “gambling token”.