Ratan Tata, the Chairman Emeritus of Tata Sons, has clarified that he has no associations with cryptocurrencies in any way. The industrialist's post came after many reports claimed that he had invested in cryptocurrencies.
โThis is an extremely important announcement. If you see any article or advertisement mentioning my association with cryptocurrency, it is absolutely false and intended to defraud citizens,โ Ratan Tata wrote in a screenshot of a news report.
In 2021, industrialist Anand Mahindra also had to step in after reports circulated claiming he had invested in cryptocurrencies.
The Chairman of Mahindra and Mahindra Group tweeted: โThis would be so much fun if it wasn't so unethical and indeed dangerous. Someone saw this online and alerted me. I need people to know that this is completely false and fraudulent. Take fake news to a new level. Ironically, I have not invested a single rupee in cryptocurrency."
What is cryptocurrency?
It is a digital currency that is secured by cryptography, which makes it difficult to counterfeit. No need to carry physical money or exchange it in the real world. Cryptocurrencies are a fast growing segment and are quite popular all over the world.
Cryptocurrencies have not yet been regulated as a means of payment in India. These are considered digital assets and are subject to tax.
The 2022-23 Budget clarified that a 30 percent tax plus taxes and surcharges will apply to crypto assets. In addition, Section 194S imposes a 1% tax deducted at source (TDS) on the transfer of crypto assets from July 1, 2022, if transactions exceed Rs 50,000 (or even Rs 10,000 in some cases) in the same financial year.
Cryptocurrency, the verdict is divided
Tech billionaire Elon Musk is one of the heaviest hitters in cryptocurrency. He has been posting about crypto for many years and is considered one of the main reasons for the dogecoin boom. The Tesla boss often tweets about dogecoin.
But not everyone is a big fan of cryptocurrencies. Bill Gates, the billionaire founder of Microsoft, said that cryptocurrencies are "100% based on the big fool theory." Another of the world's richest men, Warren Buffett, has also called cryptocurrencies nothing more than a "gambling token."
