The Indian subsidiary of smartphone maker Xiaomi says it is interested in the crypto market and what it entails but before venturing, the government must provide legislative clarity.
“We will want to wait for all the regulatory things,” Manu Jain, the firm’s managing director, said in an interview with The Economic Times.
Crypto is a fascinating field that has become the most popular buzzword and is performing remarkably well. However, we’d like to learn more about the regulatory side.”
The company’s financial service business returned to growth in 2021, with a 35 percent year-over-year increase in the first quarter due to expansion into additional financial products, according to Jain’s latest remarks.
With the debut of e-commerce and loan services in India last year, the company has been actively broadening its goods into a full spectrum lending platform centred on payments, loans, and insurance.
Xiaomi’s largest market outside of China is apparently India, and neither country is recognized for being crypto-friendly, with the Chinese government closely monitoring crypto trading and mining and the Indian crypto business still facing significant regulatory uncertainties.
Xiaomi reportedly denied being involved in a Portuguese Xiaomi store’s attempt to begin taking Bitcoin (BTC) payments.
After Xiaomi stated that the shop was not directly tied to its operations, Mi Store Portugal eventually abandoned plans to offer crypto payments for Xiaomi gadgets.
