Ratan Tata, a senior industrialist and the former chairman of the Tata Group, denied any links with cryptocurrencies on Tuesday in response to news of his cryptocurrency investments. He made an official statement about the investment allegations on the social media site Twitter. “I beg netizens to exercise caution. I am not affiliated with any kind of cryptocurrency.”.
The message further stated that any stories or advertisements claiming his affiliation with cryptocurrency are utterly “false and intended to defraud citizens.”
The business tycoon, Ratan Tata commented, “If you see any articles or ads mentioning my association with cryptocurrency, they are absolutely untrue and meant to scam citizens,” using a screenshot of a story in which it was alleged that his “recent investment had experts in disbelief and major banks concerned.”
Similar rumors of other tycoons investing in cryptocurrency
The fact is that a tycoon has been associated with a swindle before. Anand Mahindra, the chairman of the Mahindra Group, refuted rumors that he had invested in cryptocurrency in 2021. Following such claims, Mahindra released a statement that was identical to Tata’s. In the statement, Mahindra emphasized that he had not made any investments in cryptocurrency and labeled the accusations as “completely fabricated & fraudulent.”
Investors in India have divergent views on cryptocurrencies as an asset class. There is no central authority in India that regulates the use of cryptocurrency as a form of payment. Cryptocurrencies are categorized as virtual digital assets in India and are taxable.
Warren Buffett on investing in cryptocurrency
Warren Buffett, a billionaire financial expert, claimed last year that cryptocurrency is not a useful asset and that he wouldn’t purchase all of bitcoin even at a price of $25 USD.
Online frauds are becoming more common as technology advances, particularly those using cryptocurrencies.
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