Paytm likely to consider Bitcoin offerings if crypto becomes fully legal in India

New Delhi: Paytm, the Indian multinational technology company that specialises in digital payment systems, e-commerce, and finance may consider Bitcoin offerings if it tends to become “fully legal” in Indi, said Madhur Deora, the company’s Chief Financial Officer.

“Bitcoin is still in a regulatory grey area if not a regulatory ban in India said Deora in an interview with Bloomberg TV. “Bitcoin is still in a regulatory grey area if not a regulatory ban in India,” he added.

The cryptocurrency exchange was banned by the Reserve Bank of India, however, the order was struck down by the Supreme Court in March 2020.

The Indian government has pointed towards the regulation of crypto and its working with different stakeholders. Earlier, Nirmala Sitharam, the finance minister stated that the union government is “not against cryptocurrency and will instead look into ways it can help the country’s fintech sector.”

Reportedly, Paytm Payments Banks had moved prohibited crypto transactions on its platform from May 21 evening as it “will stop dealing with cryptocurrency exchanges.”

In the history of the Indian capital markets, the biggest initial public offering (IPO) by Paytm has stood up for a post-Diwali launch from November 8 and 10.

Besides, the IPO’ price band has been kept in the range between Rs 2,080 and Rs 2,150.

Currently, Paytm is the second-most valued internet company, witnessing a value of $16 billion at the time when it raised a billion dollars in November 2019 which was led by T Rowe Price, Discovery Capital, and D1 Capital.