Paytm, India’s leading digital payment company, said Thursday that it would consider using bitcoin services if the country’s cryptocurrency regulatory framework was more specific.
Speaking to Haslinda Amin and Rishad Salamat during an interview on Bloomberg TV, Paytm CFO Madhur Deora said that Bitcoin (BTC) regulations remain in a gray area in India.
“Bitcoin is still in a regulatory gray area, if not subject to a regulatory ban in India. […] At the moment, Paytm has nothing to do with Bitcoin. If it becomes fully legal in the country then of course we can make suggestions.”
The Reserve Bank of India (RBI) initially banned cryptocurrency, but the decision was overturned by the Supreme Court of India in March 2020. Since then, neither the government nor the Reserve Bank of India has taken any specific measures with regard to regulating cryptocurrencies.
Although the government has revised crypto legislation, the Reserve Bank of India (RBI) has strongly opposed it and is still pushing for a ban. According to Cointelegraph, the country’s finance minister, Nirmala Sitram, said that while the government “is not against cryptocurrency,” it will look at how it can help India’s fintech sector.
Deora’s comments come as Paytm prepares for its listed rollout, which is expected to take place in mid-November for $2.5 billion. According to reports, the IPO should be the largest in the Indian capital market.