Paytm, India’s leading digital payments company, said Thursday that it would consider Bitcoin services if the country’s regulatory framework for cryptocurrencies was further defined.
Speaking to Haslinda Amin and Rishaad Salamat during an interview on Bloomberg TV, Paytm CFO Madhur Deora stated that Bitcoin (BTC) regulations in India remain in a “gray area”.
“Bitcoin is still in a gray area of regulation, if not a regulation ban in India. […] At the moment, Paytm is not involved in Bitcoin. If it ever becomes completely legal in the country, then of course there could be offers that we could launch. “
The Reserve Bank of India (RBI) initially banned cryptocurrencies, but the Supreme Court of India overturned the decision in March 2020.. Since then, there have been few concrete measures taken by the government or the RBI in relation to crypto regulations.
Despite the government considering the cryptocurrency legislation, the RBI has strongly opposed it and is still pushing for it to be banned. As Cointelegraph reported, Nirmala Sitharam, the country’s finance minister, said that while the government was “not against cryptocurrencies,” it would look at ways to help India’s fintech sector.
Deora’s comments come as Paytm prepares its initial public offering, which is expected to take place in mid-November and is valued at $ 2.5 billion.. The IPO is set to be the largest capital market debut in Indian history.