Payment Firm Paytm Considers Adding Bitcoin Related Services

India’s pioneering digital payments firm, Paytm currently offers no Bitcoin (BTC) and crypto-related services, however, the launch of a product covering these nascent asset classes may be unveiled in the near future. In an interview with Bloomberg TV, Madhur Deora Paytm’s Chief Financial Officer said that the regulatory uncertainty that surrounds Bitcoin in India accounts for the company’s major drawback from offering related services.

“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.”

There has been a lot of back and forth with the regulation of digital currencies in the second most populated country in the world. While the Reserve Bank of India (RBI) has been quite antagonistic to the emergence of Bitcoin and altcoins, the nation’s Supreme Court overturned a ruling that outlawed crypto back in March 2020.

Despite the obvious growth in the digital currency industry in India, traders, investors, and all entities of interest are still skeptical of the approach to take when it comes to the status of the coin in relation to the regulator’s stance. While Paytm looks forward to its $2.5 billion Initial Public Offering (IPO) later this month, the company may lag behind its counterparts around the world who have started integrating some form of digital currency-related services.

Paytm Erring on the Side of Caution With Respect to Bitcoin

There is a growing agitation amongst investors around the world that is forcing top financial institutions, fintech service providers, and a number of traditional firms to start offering crypto-related services.

Banks have notably cited investor demand as the yardstick for floating their crypto offerings, and Paytm is refusing to trail the bandwagon. Suffice to say, local regulations supersede whatever clamor the stakeholders in the nascent industry will hammer-on, and choosing to stay off the watchdog’s radar appears to be favorable to Paytm as it eyes a bigger ambition to become a publicly-traded company.