Paytm Open to Bitcoin Offerings Once India Legalises Cryptocurrency: CFO Madhur Deora

Amid the rapid expansion of the crypto-culture in India, Paytm has expressed readiness to enable crypto-payments if India legalises it.

By Radhika Parashar | Updated: 4 November 2021 17:45 IST

Paytm Open to Bitcoin Offerings Once India Legalises Cryptocurrency: CFO Madhur Deora

Paytm was launched in 2010 and currently has over 450 million users

Highlights

Paytm is open to facilitating crypto payments
Paytm waiting for Indian government to legalise cryptocurrency
Will provide Bitcoin offerings upon crypto legalisation in India

Paytm is onboard with facilitating Bitcoin payments if India decides on officially legalising the crypto-space. Paytm Chief Financial Officer Madhur Deora has indicated about the company's pro-crypto approach in a recent interview with Bloomberg TV. While as of now holding and trading cryptocurrencies is not banned as such in India, but there are no federal rules to regulate it as yet. The finance ministry is working on a draft to manage the space.

“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 was quoted as saying.

India's federal finance ministry has been working on ways to structurise the crypto-space, has formed a new committee to find out if income made by cryptocurrency trading could be taxed.

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The Reserve Bank of India (RBI) is also working on launching its first official digital currency as a regulated “central bank digital currency (CBDC)” by the end of 2021.

For now, India awaits the announcement of an official Cryptocurrency Bill that will be presented before the Parliament in its upcoming Winter Session.

In recent months, the cryptocurrency space in India has witnessed expansion. In India, Pakistan, Ukraine, and Vietnam, the rate of cryptocurrency adoption rose by 880 percent in, as per a report released earlier this month.

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According to a report by TechStory, around seven million Indians have invested a collective sum of over $1 billion (roughly Rs. 7,380 crore) in cryptocurrencies.

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Further reading: Paytm, Bitcoin, India, Cryptocurrency, Madhur Deora

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More