Executives say that Xiaomi India needs clear regulation to embrace cryptocurrency

Xiaomi India-the subcontinent branch of the major mobile phone manufacturer-is interested in the cryptocurrency industry but requires clear government regulation.

Manu Jain, the managing director of the company, Say In an interview with The Economic Times, “We want to wait for all regulatory matters. Of course, encryption is a very interesting field, the biggest buzzword, and it performs exceptionally well. However, we want to learn more about regulation.”

Jain’s latest remarks were made after the company’s financial services business resumed growth in 2021. Due to its expansion to more financial products, it increased by 35% year-on-year in the first quarter.

The company has been actively diversifying its products into a comprehensive lending platform that focuses on payments, loans, and insurance. Launch E-commerce and loan services in India last year.

Related: Xiaomi denies involvement in stores accepting Bitcoin in Portugal

According to reports, India is Xiaomi’s largest market outside of China. Neither country is known for being particularly friendly to cryptocurrencies. The Chinese government Actively review encryption Trade and mining industry, as well as the Indian cryptocurrency industry Still facing extreme regulatory uncertainty.

Xiaomi Global and Xiaomi India did not immediately respond to Cointelegraph’s request for comment.

Xiaomi recently denied involvement Efforts of the Mi Store in Portugal Start accepting Bitcoin (Bitcoin) Payment. After the Chinese electronics manufacturer stated that the store was not directly related to its operations, Mi Store in Portugal finally abandoned its plan to enable encrypted payments for Xiaomi devices.