Anand Mahindra denies investing in crypto, slams ‘fake’ report

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Mahindra urged to invest in crypto before banks banned it, report says

On November 14, Prime Minister Modi chaired a meeting in which concerns were raised about the “over-promising” and “non-transparent” publicity of crypto.

The cryptocurrency bill will likely be tabled in parliament during the next winter session or budget session.

The chairman of the Mahindra group, Anand Mahindra, has dismissed all reports claiming the Indian tycoon has invested in crypto. A recent report from an online website pointed out that Mahindra’s investment in crypto had left “experts in awe and banks terrified.”

In a tweet, Mahindra called the report “fabricated and fraudulent.”

According to a story from ‘blasthe Income.club’ (which quoted The Times Of India), while referring to cryptocurrencies in a TV interview, Mahindra said there is a “wealth loophole” that can make anyone a millionaire in three to four months.

The report also added that Mahindra urged people to jump on the crypto bandwagon before the banks shut down the asset.

“It would be a lot of fun if it wasn’t so unethical and, in fact, dangerous. Someone saw this online and alerted me. I have to make people aware that it is completely. fabricated and fraudulent. Takes fake news to a new level. Ironically, I haven’t invested a single rupee in cryptos, “he tweeted.

According to the screenshot of the report shared by Mahindra, he quotes it as saying, “Right now my main money generator is an automatic cryptocurrency trading program called Bitcoin Era. This is the biggest opportunity I have seen in my entire life to quickly build a small fortune.

The fake Mahindra report promoting crypto investments comes at a time when the government has accelerated the process of putting regulations in place for the virtual asset.

Financial stability concerns

Reiterating the central bank’s strict reservations on cryptocurrencies, RBI Governor Shaktikanta Das said on November 16 that discussions and deliberations on virtual currency should be deeper and better informed because they involve “serious concerns. “macroeconomic and financial stability.

“When the country’s central bank, which is entrusted with the responsibility of maintaining financial stability, after internal deliberations, there are serious concerns about macroeconomic and financial stability …. there are deeper issues that require discussion much more in-depth and a much more informed discussion, ”Das said.

The governor of the central bank has raised warning signs from time to time regarding virtual currency and assets.

Recent push policy front

The government’s push towards crypto regulation gained momentum after Prime Minister Narendra Modi (November 14) chaired a high-level meeting on cryptocurrency. During the meeting, several issues were discussed, including “too promising” and “non-transparent” advertising.

During the meeting, it was also noted that the government is aware of the evolution of technology and will closely monitor and take proactive measures.

However, despite the apprehensions and concerns, there was consensus that the actions taken in the area of ​​cryptocurrency and related issues by the Center will be incremental and forward-looking.

In addition, on November 15, a meeting of the Standing Parliamentary Committee concluded on the consensus that digital currency cannot be stopped but rather must be regulated.

The government is likely to come up with the much-anticipated cryptocurrency bill in the next winter session or the budget session of parliament.

Growing market

India has over a crore of crypto investors, and their numbers are growing dramatically every day, with several domestic and global crypto exchanges operating in the country.

Investment in cryptocurrencies has grown from nearly $ 923 million in April last year to $ 6.6 billion in May this year in India. According to a report released in August by blockchain data platform Chainalysis, India ranks second out of 154 countries in terms of cryptocurrency adoption.

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