If India makes cryptocurrency "fully legal," Paytm could offer Bitcoin services.
Paytm might consider Bitcoin offerings if the cryptocurrency was to become "completely legal" in the country, according to Paytm's chief financial officer Madhur Deora.
"Bitcoin remains in a regulatory grey area, if not outright ban, in India. Paytm does not accept Bitcoin at the moment. "Clearly, there could be offers we could introduce if it ever became fully legal in the country," Deora said in an interview with Bloomberg TV.
Paytm is preparing to conduct an initial public offering, according to Deora (IPO). The company is projected to be valued at $20 billion after the IPO. The IPO is planned to take place in mid-November.
Paytm reportedly suspended Paytm Payments Bank's user accounts in August of last year, accusing them of cryptocurrency trading.
It's worth mentioning that the Indian government has long been working on a cryptocurrency bill. The union government, according to Finance Minister Nirmala Sitharam, is "not against cryptocurrency and would instead look into how it might aid the country's fintech sector."
In the meantime, the Reserve Bank of India (RBI) outlawed cryptocurrencies in 2018, but the Supreme Court overturned the prohibition in March 2020. Furthermore, the RBI has stated that it will introduce a digital rupee model before the end of the year.