Paytm may launch Bitcoin trading if India legalises cryptocurrency

Synopsis

“Bitcoin is still in a regulatory grey area if not a regulatory ban in India,” Paytm’s Chief Financial Officer Madhur Deora said.

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Explore NowPaytm, India’s digital payments pioneer, would consider Bitcoin offerings if the nation’s authorities removed regulatory uncertainty surrounding the adoption of cryptocurrencies.

The rules around these assets remain in a “grey area,” Chief Financial Officer Madhur Deora said in an interview to Bloomberg TV’s Haslinda Amin and Rishaad Salamat Thursday.

“Bitcoin is still in a regulatory grey area if not a regulatory ban in India,” Deora said. “At the moment Paytm does not do Bitcoin. If it was ever to become fully legal in the country then clearly there could be offerings we could launch.”
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India’s central bank had effectively banned cryptocurrency trading until the courts lifted the prohibitions in March 2020. Since then, the government has considered the adoption of crypto legislation, but the Reserve Bank of India remains highly critical and continues to advocate for its ban.

Deora’s comments come as Paytm prepares for public subscriptions to its 183 billion-rupee ($2.5 billion) initial public offering, after selling almost half to anchor investors. The listing is expected mid-November.

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Source

Updated: 11/04/2021 — 03:00