If India decides to officially legalize the crypto-space, Paytm is on board to facilitate Bitcoin payments. In a recent interview with Bloomberg TV, Paytm’s Chief Financial Officer Madhur Deora discussed the company’s pro-crypto stance. While cryptocurrency ownership and trade are not currently prohibited in India, there are currently no federal regulations in place to govern them. The finance ministry is developing a plan to manage space.
In India, Bitcoin remains in a regulatory grey area, if not an outright ban. Paytm does not accept Bitcoin at the time. Deora was cited as saying that if marijuana were totally legal in the country, “obviously there may be offers we could introduce.”
India’s federal finance ministry, which has been working on methods to structure the crypto-space, has created a new committee to see if cryptocurrency trading profits may be taxed.
Bitcoin’s price hasn’t changed much, but Ether has hit a new high.
By the end of 2021, the Reserve Bank of India (RBI) plans to introduce its first official digital currency as a regulated “central bank digital currency (CBDC).”
For the time being, India is waiting for the introduction of an official Cryptocurrency Bill to be introduced in Parliament during the forthcoming Winter Session.
The bitcoin market in India has been growing in recent months. According to a survey issued earlier this month, bitcoin use increased by 880 percent in India, Pakistan, Ukraine, and Vietnam.
According to a TechStory study, over seven million Indians have invested a total of $1 billion (approximately Rs. 7,380 crore) in cryptocurrencies.