Pay with Bitcoin on Paytm, know when!

If India decides to officially legalize the crypto space, Paytm is also preparing for it. The facility to pay with bitcoin is onboard on Paytm. Paytm Chief Financial Officer Madhur Deora in a recent interview with Bloomberg TV hinted at the company’s pro-crypto approach. Holding and trading cryptocurrencies is not banned in India yet, but there are no rules to regulate it as of now. The Finance Ministry is working on a draft to manage this sector.

It has been told by Madhur Deora that bitcoin is still in the regulatory gray area in India. Paytm does not currently do business in bitcoin. If it becomes fully legal in the country, then clearly there may be offerings that we can launch.

The Finance Ministry is working on ways to structure the crypto space. For this, a new committee has been constituted, which will find out whether earnings from cryptocurrency trading can be taxed. The Reserve Bank of India (RBI) is also working on launching its first official digital currency as a regulated “Central Bank Digital Currency (CBDC)” by the end of 2021. India is currently awaiting the announcement of an official cryptocurrency bill, which will be introduced in the upcoming winter session of Parliament.

The cryptocurrency space in the country has seen an expansion in recent months. According to a report released earlier this month – cryptocurrency adoption rates have increased by 880 percent in India, Pakistan, Ukraine and Vietnam. According to a report by TechStory, around seven million Indians have invested a collective amount of over $1 billion (about Rs 7,380 crore) in cryptocurrencies.

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