Making an "extremely important announcement", Tata Sons Chairman Ratan Tata on Tuesday took to Twitter to inform that he has no associations with the cryptocurrency of any form. He requested netizens to stay away from any such claims.
Ratan Tata's Tweet
In a tweet, Ratan Tata wrote, "I request netizens to please stay aware. I have no associations with cryptocurrency of any form." [sic]
The 85-year-old industrialist attached a screenshot of one such misleading claim and wrote, "if you see any articles or ads about his associations with cryptocurrency, they are absolutely untrue and meant to scam citizens."
Previously, in 2022, Tata Sons filed a lawsuit against a US and UK-based company called Hakunamatata Tata Founders for using the Tata trademark to promote a cryptocurrency called "TATA Coin." The Delhi High Court granted an injunction against the company, preventing it from using the Tata trademark for any cryptocurrency-related activities
A few years ago, Anand Mahindra, the chairman of the Mahindra Group, also faced a similar predicament when a false news article emerged, claiming that he had made significant investments in cryptocurrencies. Mahindra had refuted the claims.
What is Cryptocurrency
Cryptocurrencies are digital or virtual currencies that use cryptography for security. Cryptography makes it extremely difficult to counterfeit or double-spend these currencies. The most well-known and widely used cryptocurrency is Bitcoin, which was created in 2009 by an unknown person using the name Satoshi Nakamoto.
Cryptocurrencies use decentralised control as opposed to centralised digital currency and central banking systems. This decentralisation is typically implemented through blockchain technology, a distributed ledger enforced by a disparate network of computers, known as "nodes". Each of these nodes has a copy of the entire transaction history of the cryptocurrency, which it uses to validate and relay transactions.
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