Paytm awaits govt regulatory move before jumping on the crypto bandwagon

Paytm may consider Bitcoin offerings if the government removed regulatory uncertainty surrounding cryptocurrency adoption, said a senior executive.

The regulations governing these assets remain in a “grey area”, chief financial officer Madhur Deora said in an interview with Bloomberg TV, adding that “If it was ever to become fully legal in the country then clearly there could be offerings we could launch.”

“Bitcoin is still in a regulatory grey area if not a regulatory ban in India,” Deora said. “At the moment Paytm does not do Bitcoin. If it was ever to become fully legal in the country then clearly there could be offerings we could launch,”  Deora told Bloomberg TV’s Haslinda Amin and Rishaad Salamat on Thursday.

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Until March 2020, the Reserve Bank of India effectively prohibited cryptocurrency trading. Since then, the government has considered enacting crypto legislation, but the Reserve Bank of India has maintained a hawkish stance, advocating for its prohibition.

Paytm is currently accepting public subscriptions to its Rs 18,300 crore ($2.5 billion) initial public offering, after selling nearly half to anchor investors. The listing is expected to take place in mid-November.