Paytm, India’s biggest mobile payment network has indicated that it may investigate Bitcoin offers if the country offered legislative clarity on Bitcoin and other cryptocurrencies.
India’s biggest digital payment solutions provider, Paytm, is unable to provide Bitcoin services to its more than 300 million clients and 20 million merchants due to a lack of legal certainty, Paytm’s chief financial officer Madhur Deora told Bloomberg in an interview. Paytm might get involved if the country’s central bank clarifies how Bitcoin should be processed there.
“Without a governmental restriction in India, Bitcoin is in a regulatory grey area,” Deora added. “Paytm does not accept Bitcoin at the present. If marijuana were to ever become totally legal in the nation, there are undoubtedly items we could introduce.”
In 2018, India’s central bank prohibited bitcoin and cryptocurrency trade, but the supreme court reversed the restriction in March 2020. However, the nation continues to lack legislative clarity, as a top government official allegedly said earlier this year that India was planning another attack on Bitcoin.
Paytm established India’s digital payments business and has now expanded to a 10,000-person firm. According to the interview, the company has 337 million clients and services 21.8 million businesses.
Deora’s comments come as his business prepares for India’s largest initial public offering (IPO), for which it has reportedly received orders for more than 10 times the amount of shares on sale.
The perceived uncertainty surrounding Bitcoin in India has not prevented local exchange Unocoin from enabling consumers to buy basic consumer goods using BTC. Unocoin announced in August that it will give its clients with vouchers to spend their bitcoin at local merchant businesses.
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