Paytm set to launch BTC offerings if India legalises crypto

India’s largest mobile payments platform – Paytm – says it is considering Bitcoin offerings.

IPO-bound Paytm’s Chief Financial Officer, Madhur Deora, confirmed the company might consider BTC offerings if it was to become “fully legal” in the country.

However, the problem began when the Reserve Bank of India (RBI) completely forbade all crypto trading. The courts did lift the prohibitions in March 2020 and since then, the government decided that crypto wasn’t that bad at all and started thinking of its legislation.

Still, whether or not Bitcoin becomes legal tender in the country – depends on the Reserve Bank of India which kept its highly critical stand and still advocates a ban.

India is slowly positioning itself as a global cryptocurrency hub. Recent reports show Indian nationals are investing in digital assets at a huge rate, with almost 8% of the population now owning cryptocurrency.

BTC still in India’s grey regulatory area

Since April last year, India’s investment in cryptocurrencies jumped to more than $10bn from $923m.
Deora’s comments come as Paytm prepares for public subscriptions to its $2.5 billion initial public offerings, after selling almost half to anchor investors. The listing is expected in mid-November.

He commented that Bitcoin was still in a regulatory grey area if not a regulatory ban in India.

“If it was ever to become fully legal in the country, then clearly there could be offerings we could launch,” he said.

Indian finance minister Nirmala Sitharam asserted that the union government is “not against cryptocurrency and will instead look into ways it can help the country’s fintech sector”.