Paytm, India’s leading digital payments company, said Thursday that it would consider using bitcoin services if the country’s crypto-regulatory framework was more specific.
Speaking with Haslinda Amin and Rishad Salamat During an interview on Bloomberg TV, Paytm CFO Madhur Deora said that Bitcoin (BTC) regulations are still in a gray area in India.
“Bitcoin is still in a regulatory gray area, if not a regulatory ban in India. […] Currently, Paytm does not deal with bitcoin. If it becomes fully legal in the country, the proposals can come out clearly, and we can launch.” ”
The Reserve Bank of India (RBI) initially banned cryptocurrency, but the decision was overturned by the Supreme Court of India in March 2020. Since then, neither the government nor the Reserve Bank of India has taken any specific action with regard to regulating cryptocurrency.
Although the government has considered legalizing cryptocurrency, the Reserve Bank of India (RBI) has strongly opposed it and is still pushing for a ban. According to Cointelegraph, the country’s finance minister, Nirmala Sitharam, said that while the government is “not against cryptocurrency,” it will look at how it can help India’s fintech sector.
Deora’s comments come as Paytm prepares for a $2.5 billion listing in mid-November. The listing is said to be India’s largest capital market debut ever.