Paytm chief executive shared company ideas for entry into cryptocurrency market in India. It seems that the country’s largest digital payment platform is waiting for Bitcoin regulatory authorization to bring as a donation to its location.
POINTS
1. Paytm may consider offering Bitcoin to its platforms in India.
2. The company currently considers the market as a gray area.
3. It awaits the legalization of Bitcoin to pursue as an option in the future.
Joining other financial executives around the world, India's Paytm has shown interest in cryptocurrencies. It seems that the company may consider offering services around cryptocurrencies such as Bitcoin through its platforms, but only if it obtains regulatory approval in India.
A Paytm chief executive revealed the possibility in a recent interview. According to a Paytm representative, the uncertainty associated with cryptocurrensets has been a major reason why the company has drifted away from expectations. If the regulatory bodies in India are able to come up with a clear position on crypto, Paytm may consider expanding its services in this sector.
In an interview with Bloomberg TV, Paytm Chief Financial Officer Madhur Deora said the rules regarding cryptocurrencies in India are still “gray,” even though there is no direct ban on crypto trading. in the new services market, cryptocurrency will need to have a full legal status in the country.
Paytm does not offer any services for cryptocurrencies from now on. If India takes the step of legal recognition, things may change. There are already several players in the cryptocurrency industry in India, which include many crypto trades. Paytm is the largest player in India's digital financial sector, its entry into the industry will certainly have a major impact on the full adoption of Bitcoin and other cryptos. All of that, of course, depends on the course of action India is taking on crypto in the future.
The country had previously banned crypto trading, a ban that was lifted in March 2020. There has been much speculation about how the government could regulate the fast-growing crypto trade in India. The same clear direction is yet to come.
So Paytm’s current take on the world of cryptocurrency is easy to understand. Of course, there are several firms already working very well in space. Paytm, however, has all the resources available to become a strong competitor in the cryptocurrency industry. Its services can range from empowering Bitcoin or other crypto payments through its platform, to opening up another trading platform for crypto investors.
The certainty is that Bitcoin is gaining immediate attention among financial or digital technology officials. Thailand's oldest bank Siam Commercial Bank (SCB) recently acquired 51 percent of the crypto exchange Bitkub for 17.85 billion baht, equivalent to Rs 4,000 crore. The agreement is a very recent example of the emerging interest of large financial institutions in cryptocurrencies, and that shows what the future holds for the financial world.
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