Paytm, an Indian e-commerce company has expressed interest in cryptocurrencies, joining other financial institutions across the world. It appears that the company would contemplate delivering services centered on cryptocurrencies such as Bitcoin via its platforms, but only if regulatory approval is obtained in India.
In a recent interview, a top Paytm executive hinted to the possibility. According to a Paytm representative, the uncertainties around cryptocurrencies are a big reason why the company has yet to enter the market. If India’s regulatory bodies can come up with a clear stance on crypto, Paytm may explore expanding its services to the industry.
Paytm currently does not provide any cryptocurrency-related services. Things may change if India seeks to formally embrace them. In India, there are already a number of companies in the cryptocurrency industry, including various crypto exchanges. Paytm is the largest player in India’s digital banking field, and its arrival into the industry will undoubtedly have a massive influence on the broader acceptability of Bitcoin and other cryptocurrencies. All of this, of course, is contingent on India’s future stance on cryptocurrency.