Over the years, an array of platforms incorporated crypto into their systems. Prominent Indian digital payments firm Paytm seemed to like the idea of crypto particularly Bitcoin [BTC], however, is skeptical about adopting it. The regulatory scenario in India with regard to crypto appeared to be the reason behind the firm’s hesitation.
India has had a bizarre relationship with the crypto-verse. For several years, the legal status of crypto was unknown to the citizens of India. Individuals were made to believe that crypto was banned in the country, While the RBI, India’s central bank is still vouching for a ban, the finance minister of the country, Nirmala Sitharam affirmed that the government wasn’t against crypto. Even though no official ban against crypto is put in place, several Indians continue to trade in fear.
Many of them have been sitting on the fence waiting for the government to legalize the use of crypto. Paytm certainly belongs to this category as it seemed to consider incorporating Bitcoin into its system only after cryptocurrencies garner a legal status.
Paytm catches the crypto bug but awaits legalization
Appearing in a recent interview with Bloomberg, Madhur Deora, the chief financial officer at Paytm addressed the presence of Bitcoin in the Indian market. Just like everyone, Deora pointed out that the regulations surrounding Bitcoin were still in the “grey area” in the country. This seemed to put things off for the digital payments firm, however, the full regulation and legalization of Bitcoin could certainly change things, Deora noted.
Deora further added,
“Bitcoin is still in a regulatory grey area if not a regulatory ban in India. […] 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.”
As the world jumped onto the digital wagon, firms that facilitated digital payments began to flourish. Paytm has quite a big presence in India and is used by numerous individuals as well as businesses. As the firm preps to go public through an initial public offering, the incorporation of crypto could boost the adoption of both parties in the country.