A crypto giant Paytm will provide Bitcoin (BTC) services if cryptocurrencies become legal in India, according to its chief financial officer
The CFO expressed the company’s readiness to offer crypto services in an interview with Bloomberg. He discussed the growth of Paytm and subsequent financing from international companies with Haslinda Amin and Rishaad Salamat.
“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 told Bloomberg.
Paytm Payments Bank positions itself as “India’s largest digital bank” with 58 million account holders. However, the bank’s management is not yet ready to work with digital assets. Last August, Paytm froze the accounts of its clients suspected of crypto trading.
India has a long history of opposing cryptocurrencies but has recently changed its ways. The government will introduce a regulatory framework for working with cryptocurrencies by February.
In September, the authorities revised their attitude to crypto assets, abandoning the complete ban and began developing a framework for their regulation. The Reserve Bank of India and government commissions have joined the legislative process. As a result, they drafted a bill defining the legal status of cryptocurrencies in India, their classification and taxation procedure.
It remains unclear whether cryptocurrencies will be considered stocks, commodities or currencies. One of the variants of the bill submitted for approval by the Parliament proposed to classify cryptocurrencies as digital assets, and not as a currency. According to the statement of the Finance Ministry of India, compliance with laws in the industry is vital because the popularity of digital assets attracts scammers and hackers. The new rules will allow the authorities to stop illegal crypto activities.
According to a study by BrokerChooser, India surpasses the United States in the number of cryptocurrency owners. At the same time, the investments of teenagers stimulate the growth of the popularity of cryptocurrencies throughout India. In May 2021, the investments reached $6.6 billion (~£4.8 million).
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