Ratan Tata refutes any link with crypto amid rumors, urgers netizens to ‘exercise caution’

Ratan Tata, a veteran 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 claims on the social media site, Twitter, stating, "I beg netizens to exercise caution. I am not affiliated with any kind of cryptocurrency, he stated in his tweet. The post also stated that any stories or advertisements claiming his affiliation with cryptocurrencies are utterly "false and intended to defraud citizens."

He continued to say that, "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."

Businessman’s fake association with crypto 

Well, this is not the first time for a business tycoon to have been linked with crypto. In 2021, Mahindra Group Chairman, Anand Mahindra, also refuted investing in crypto, after several reports claimed his involvement in the same.

Following such claims, Mahindra released a statement that was similar to Tata's. In the statement, Mahindra emphasised that he had not made any investments in cryptocurrencies and labelled the accusations as ‘completely fabricated & fraudulent.’

Present status of crypto in India and among billionaires 

There is no central authority in India that regulates the use of cryptocurrencies as a form of payment. Moreover, cryptocurrencies are categorised as virtual digital assets in the country and are taxable at a flat 30 percent on capital.

 
Warren Buffett, a billionaire financial expert, claimed last year that cryptocurrencies are not a useful asset and that he wouldn't purchase all of Bitcoin even for $25 USD.

Several experts are of the opinion that online frauds are becoming more common as technology advances, particularly those using cryptocurrencies. India is at the helm of the G20 Presidency and the future of crypto in India hangs in the balance. While the RBI has been clear about its stance that it wants crypto banned in India, the government on the other hand is waiting for a global consensus before it can draft any legal policies for the crypto sector in India.