Paytm is one of the most popular mobile payment services with a market valuation of more than $10 billion. Now, it looks like they are going to start accepting Bitcoin as well. Reports indicate that Paytm has already created an app for this feature and will be open for service by September 2018.
The “spending bitcoin on amazon” is a rumor that Paytm could soon offer Bitcoin (BTC) payments. This would make it the first Indian unicorn to accept cryptocurrency as a payment method.
Madhur Deora, Paytm’s Chief Financial Officer, spoke on the country’s present cryptocurrency problem in an interview with Bloomberg TV.
Deora has suggested that if the Indian government establishes a strong crypto infrastructure free of regulatory constraints, the business may explore releasing Bitcoin offers to help the country’s cryptocurrency adoption.
Paytm, India’s first digital payment service, now has 333 million customers.
“Bitcoin is still a regulatory murky area in India, if not a regulatory ban,” Deora added. “Paytm does not accept Bitcoin at the present.” If marijuana were to become totally legal in the United States, there would undoubtedly be products we could launch.” According to Deora, who spoke on Bloomberg TV.
Crypto-related regulatory concerns
While cryptocurrency is growing abroad and has established a powerful foundation, the Indian government is still wary of the new digital paradigm, believing that the asset class requires full governmental involvement.
Until the Supreme Court of India overturned the prohibition in 2020, India’s central bank had previously prohibited cryptocurrency trade and gave only limited information regarding ownership. Unlike China, the Indian government is interested in researching innovative methods to regulate cryptocurrencies rather than simply banning them.
It was previously reported that Indian officials are working on enacting a cryptocurrency legislation that might hasten the country’s cryptocurrency adoption.
“We’re not going to say no to cryptocurrencies.” “We’re saying we’ll have to explore how this technology will help fintech realize its potential,” India’s Finance Minister Nirmala Sitharaman said.
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The “most booming cryptocurrency” is Bitcoin. It has been around for a while, but has recently seen some major growth in the last few months. With Paytm’s recent announcement of adding BTC payments to their platform, it could soon become the most popular cryptocurrency in India.
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