Fintech Giant PayTm may consider Bitcoin Offerings if Government Legalises Cryptocurrency
- ByStartupStory | November 6, 2021
IPO bound payment startup PayTm announced that it may consider Bitcoin offerings if the national regulatory authorities removed all uncertain restrictions on the adoption of cryptocurrency.
The Reserve Bank of India banned the trading of cryptocurrency under the threat that the transactions under the same cannot be traced making it an ineffective method of exchange. However, prohibitions against cryptocurrency were lifted by the courts in March 2020. While the government has kept an open mind-set about adoption of crypto legislation, RBI is still sceptical about the adoption of the same.
The Chief Financial Officer of PayTm in a conference stated, “The rules around these assets remain in a grey area. 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.”
This statement comes right after the fintech platform announced its IPO worth $2.5 billion, half of which has already been invested in by anchor investors. The inclusion of cryptocurrency would bring about a paradigm shift in the scope of India’s largest payment platform.
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