According to its chief financial officer,

Paytm is open to providing bitcoin services if the cryptocurrency asset becomes legal in India. He said that if bitcoin were to be legalized in India, there would be opportunities for us to launch offerings.

Paytm Open to Bitcoin Offerings

Paytm Chief Finance Officer Madhur Deora stated that his company is open for offering bitcoin services if it becomes legal in India. Local media reported this Thursday, citing his recent interview on Bloomberg TV.

Deora was quoted saying:

Bitcoin is still in a regulatory grey area if not a regulatory ban in India. Paytm currently does not accept bitcoin. It is possible to launch offerings if bitcoin becomes legal in the country.

In August last year, Paytm reportedly froze Paytm Payments Bank’s customer accounts suspected of crypto trading.

Paytm currently ranks second in India for internet companies. The company is planning to launch an initial public offering (IPO) between Nov. 8 and Nov. 10. The IPO, which is expected to take the company’s valuation to $20 billion, is poised to become the biggest IPO in the history of the Indian capital markets.

The Indian government has been working for a long time on a cryptocurrency bill. Initially, the government was looking at a bill that would ban cryptocurrency, such as bitcoin. However, recent reports suggest that the government is now planning to regulate the crypto sector. The crypto legislation will be “distinct and unique,” one lawmaker said. Last month, Finance Ministry officials reportedly said that crypto regulation would most likely come around by February.

Meanwhile, the country’s central bank, the Reserve Bank of India (RBI), still has “serious concerns” about cryptocurrency, which have been communicated to the government. A digital rupee model could be revealed by the end, according to the RBI.

Do you think Paytm should offer crypto services? Please let us know your thoughts in the comments below.

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