India’s leading payment app Paytm may jump into the crypto business

Reports suggest that Paytm may launch its crypto trading platform amid increasing demand for crypto-assets investment in India but will wait for regulatory decisions.

Paytm is an Indian digital bank platform, which is popular among payment apps and has had a better user base since 11 years. Paytm is not limited to payment services but also it gives an option for their users to use their payment wallet platform as a digital bank. And if we see every tech-inclined shop in India then we will find that every shop has a Paytm payment option for their users. 

In a recent interview with Bloomberg TV, the chief financial officer Madhur Deora shared their opinion on the crypto-based services. 

Deora said that the Indian government has no open statement on crypto whether it is legal or not. So right now they will not think about the crypto-based services for their users. But surely they will launch crypto offerings for Paytm users, once the government gives the green light.

“Bitcoin is still in a regulatory grey area if not a regulatory ban in India,” Deora said.“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” 

Legal Status of Bitcoin in India 

Many times, the Central Bank of India warned Indian citizens over crypto use and suggested to remain away. Once RBI imposed a ban on all Indian banks to give any support or any kind of banking service to the Crypto platforms. But later a petition filed by the crypto players against the RBI ban in the court made Bitcoin status at a better level. In March 2020, the Indian justice court announced that Banks are allowed to give their services to the crypto exchange. 

However, no perfect and clear statement had come from any ruling party of the Indian government authorities about crypto adoption. While from time to time former government officials shared their stance on crypto and suggested Indian authorities adopt a better regulatory framework instead to follow the crypto ban.

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