Major Indian payment gateway considers accepting BTC
- Posted on June 6, 2022
One of India’s largest payments companies is open to the idea of offering bitcoin on its platform
Paytm, one of the largest payment gateways in India, is considering accepting bitcoin if the government eases regulations on cryptocurrency adoption.
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According to Bloomberg, the Indian tech company will consider accepting bitcoin if the government decides to officially make it legal tender.
Cryptocurrencies remain a grey area in terms of regulations in Asian countries, with central banks prohibiting financial institutions from engaging in any activity related to virtual assets. A ruling issued by the Reserve Bank of India in 2018 effectively halted the operation of cryptocurrency exchanges in the country, preventing users from depositing or withdrawing money in Indian rupees.
The ban was finally lifted in March 2020, but the central bank remains skeptical of digital tokens.
“Currently, Paytm does not support Bitcoin,” Madhur Deora, the company’s chief financial officer, said in an interview with Bloomberg TV.
“Bitcoin is still in a regulatory grey area, not to mention a regulatory ban in India. If it’s completely legal in the country, then obviously we can initiate transactions.”
Founded in 2010, the company is gearing up for an initial public offering (IPO) and is reportedly seeking a valuation of $20 billion to $22 billion, which would make it the largest IPO in the industry in Indian history.
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Bitcoin was trading down 2 percent at $61,805.76 when it was last checked on Thursday.
One of India’s largest payments companies is open to the idea of offering bitcoin on its platform