Paytm, India’s largest digital payments provider is considering adding Bitcoin trading to its offerings if the government clears up legislative ambiguity surrounding cryptocurrency.
If the Indian government legalizes cryptocurrency, Paytm may consider offering Bitcoin trading. Paytm has expressed interest in adding Bitcoin trading to its platform, according to a Bloomberg report. However, before the government considers doing so, it must first establish clear regulations regulating cryptocurrency.
The company, which was founded in 2010, has positioned itself as India‘s first payment platform. The abbreviation “Paytm” stands for “pay through mobile.”
Ecommerce and finance are also included in the platform’s offerings, in addition to digital payments. Around 20 million merchants, according to the company, utilize their QR codes to collect payments directly into their bank accounts.
“Bitcoin is still in a regulatory grey area if not a regulatory ban in India,” Madhur Deora, the company’s Chief Financial Officer, said in an interview with Bloomberg TV.
“Paytm does not accept Bitcoin at the present.” “Clearly, there could be things we could introduce if it ever became totally legal in the country,” Deora continues. The Indian government has changed its attitude on cryptocurrency several times in the previous few years, leaving investors perplexed about the legislative laws that regulate it.
The Reserve Bank of India (RBI), the country’s central bank, had virtually prohibited Bitcoin trading in the country at one point. The prohibitions were overturned by the courts in March 2020.
Since then, the Indian government has pondered enacting suitable regulations for digital currencies. However, no definitive information on their legislation has been released so far. Institutions within the government have differing perspectives on Bitcoin. The Reserve Bank of India continues to be critical of cryptocurrency and calls for its prohibition.
Despite the regulatory uncertainty, India has been leading the crypto adoption race, with some estimates putting the country’s crypto holdings at 100 million. Paytm’s revelation comes as the business prepares to begin accepting public subscriptions for its first public offering (IPO) next week.
