According to reports, India’s largest payment company Paytm is considering using Bitcoin services

Paytm, India’s leading digital payment company, said on Thursday that if the country’s cryptocurrency regulatory framework is clearer, it will consider using Bitcoin services.

Talk to Haslinda Amin and Rishaad Salamat interview On Bloomberg TV, Paytm’s Chief Financial Officer Madhur Deora stated that the rules surrounding Bitcoin (BTC) are still in a “grey area” in India.

“If it were not for India’s regulatory ban, Bitcoin would still be in a regulatory gray area. […] Currently Paytm does not do Bitcoin. If it is completely legal in the country, then obviously we can launch some products. “

The Reserve Bank of India (RBI) initially banned cryptocurrencies, but The Supreme Court of India overturned this decision March 2020. Since then, the government or the Reserve Bank of India has taken little concrete action on cryptocurrency regulations.

Although the government has considered encryption legislation, the Reserve Bank of India is firmly opposed to it and is still pushing for the ban.As Report According to Cointelegraph, the country’s Finance Minister Nirmala Sitharam stated that although the government “does not oppose cryptocurrencies,” it will study how they can help India’s financial technology industry.

Deora’s remarks come as Paytm is preparing an initial public offering, which is expected to take place in mid-November and is worth 2.5 billion US dollars. According to reports, this IPO will be the largest capital market IPO in India’s history.