India’s digital payment and financial company Paytm is interested in Bitcoin offerings but has been held back by unclear crypto policy by Indian regulators.
In an interview with Bloomberg, the Chief Financial Officer of Paytm, Madhur Deora, stated that Paytm has not ventured into any crypto-related product because Bitcoin trading is still in a grey area in terms of its legality.
“Bitcoin is still in a regulatory grey area if not a regulatory ban in India. At the moment, Paytm does not do Bitcoin,” she said.
However, Deora said that the company will launch Bitcoin offerings once it becomes legal in India.
“If it was ever to become fully legal in the country, then clearly there could be offerings we could launch.”
In the last 24 hours, bitcoin has been down by 0.23%, with a current price of $61,762.20 as of the time of writing this. Within 24 hours, bitcoin dropped to 60,525.95 low and $63,367 high. The trading volume of bitcoin in the last 24 hours is $1.29B. The current market capitalization of bitcoin is $1.16T. Currently, $18.86M bitcoins are in circulation.
Stats and Image from Coin Desk
Paytm recently raised $1.104 billion in India’s largest-ever anchor round as it plans its initial public offering later in November.
Indian’s central bank proposed a law banning cryptocurrencies and making their trading illegal. The ban was, however, reversed in March 2020.
Despite the reversal of the ban, the Reserve Bank of India (RBI) still has major concerns about cryptocurrencies.