India’s leading digital payments company, Paytm, stated that it would consider Bitcoin services if the country’s regulatory framework for cryptocurrencies was more positive.
Paytm’s chief financial officer Madhur Deora stated that the rules surrounding Bitcoin remain in a grey area.
The Reserve Bank of India had initially banned cryptocurrencies, but the decision was reversed by India’s Supreme Court in March 2020. Since then, there has been little in the way of solid action from either the government or the RBI with regards cryptocurrency regulations.
Even though the government has considered crypto legislation, the RBI has persistently opposed it and is still pushing for a ban. The country’s finance minister, said that while the government is “not against cryptocurrencies,” it will look at how they might assist India’s financial technology sector.
