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Monday, December 06, 2021

Paytm could offer Bitcoin services if India makes cryptocurrency ‘fully legal’

Deora’s comments come as Paytm prepares for to launch an initial public offering (IPO). The IPO, is expected to take the company’s valuation to $20 billion.

By: Tech Desk | Pune |
Updated: November 7, 2021 9:46:49 am
Paytm IPO, Paytm IPO price band, Paytm IPO sizePaytm app is seen on a smartphone in this illustration taken, July 13, 2021. (REUTERS/Illustration/File Photo)

Paytm might consider Bitcoin offerings if the cryptocurrency was to become “fully legal” in the country, according to its chief financial officer Madhur Deora.

“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,” Deora said in an interview to Bloomberg TV.

Deora’s comments come as Paytm prepares to launch an initial public offering (IPO). The IPO is expected to take the company’s valuation to $20 billion. The listing is expected in mid-November.

Interestingly, in August last year, Paytm reportedly froze Paytm Payments Bank’s customer accounts, suspecting them of cryptocurrency trading.

It is worth noting that the Indian government has been working on a cryptocurrency bill for quite some time. Finance Minister Nirmala Sitharam had told The Economic Times that the union government is “not against cryptocurrency and will instead look into ways it can help the country’s fintech sector.”

Meanwhile, the Reserve Bank of India had banned cryptocurrencies in 2018 but the order was struck down by the Supreme Court in March 2020. In addition, the RBI has also said to launch a digital rupee model that may be unveiled by the end of the year.

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