Over 300 million customers and 20 million merchants in India could have access to Bitcoin services through the nation’s largest payments provider.
Regulatory uncertainty on BTC is preventing Paytm, India’s digital payments pioneer, from launching Bitcoin-related offerings in its platforms.
A ban on Bitcoin went live in India in 2018 but was lifted last year.
India’s lack of regulatory clarity is holding back its largest digital payment solutions provider, Paytm, from offering Bitcoin services to its more than 300 million customers and 20 million merchants, its chief financial officer Madhur Deora told Bloomberg in an interview. If the country’s central bank were to shed some light on how Bitcoin should be treated there, Paytm could get involved.
“Bitcoin is still in a regulatory grey area if not a regulatory ban in India,” Deora said. “At the moment Paytm does not do Bitcoin. If it was ever to become fully legal in the country then clearly there could be offerings we could launch.”
