Paytm, like other major financial institutions throughout the world, has expressed interest in cryptocurrency. The corporation appears to be considering delivering cryptocurrency-related services through its platforms, but only if they receive regulatory approval in India.
In a recent interview, a top Paytm executive hinted to the possibility. According to a Paytm spokesman, the uncertainties around cryptocurrencies are a big reason why the company has yet to enter the market. Paytm may contemplate expanding its services to the crypto sector if India’s regulatory organisations are able to come up with a clear stance on the subject.
Paytm Chief Financial Officer Madhur Deora said in an interview with Bloomberg TV that the regulations surrounding cryptocurrencies in India are still a “grey area,” even if there is no explicit ban on crypto trading. He clarified that in order for Paytm to explore Bitcoin as a market for new services, the cryptocurrency must be fully legal in India.
Paytm currently does not provide any cryptocurrency-related services. Things may change if India decides to accept them legally. In India, there are already a number of players in the bitcoin market, including a number of cryptocurrency exchanges. Paytm’s arrival into the business, as the largest player in India’s digital banking space, would undoubtedly have a significant impact on the broader acceptability of Bitcoin and other cryptocurrencies. All of this, of course, is contingent on India’s future actions towards cryptocurrency.
The country had previously prohibited cryptocurrency trade, which was lifted in March 2020. Many people have speculated on how the Indian government might control the fast growing crypto trading market. However, a definite direction in this regard is yet awaited.
As a result, Paytm’s present perspective on bitcoin is simple to comprehend. Of course, a number of companies are already active in the field. Paytm, on the other hand, has all of the necessary resources to compete in the bitcoin market. Its services can range from accepting Bitcoin or other cryptocurrencies as payment to launching a new trading platform for crypto investors.
What is certain is that Bitcoin is quickly gaining traction among financial technology or digital finance powerhouses. Thailand’s oldest bank, Siam Commercial Bank (SCB), recently purchased 51% of Bitkub, the country’s largest crypto exchange, for 17.85 billion baht (about Rs 4,000 crore). The transaction is the most recent evidence of large financial institutions’ growing interest in cryptocurrencies, and it also hints at what the future of finance may hold for the world.
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