Paytm may launch Bitcoin trading if govt legalises cryptocurrency

Ant Group-backed fintech firm Paytm said it may consider Bitcoin offerings if India's authorities legalised the digital currency by removing regulatory uncertainty surrounding the adoption of cryptos.

The IPO bound digital payments and financial services company's Chief Financial Officer (CFO) Madhur Deora told Bloomberg TV that the rules around these assets continue to remain in a "grey area".

"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."

Also Read: Amid Bitcoin chaos, Paytm Payments Bank aborts cryptocurrency exchanges

The Reserve Bank of India (RBI) had banned cryptocurrency trading until the courts lifted the restrictions in March 2020.

Since then, the government has mulled the adoption of cryptocurrency legislation, but the RBI remains critical and continues to back its ban.

Deora'a comments come as Paytm prepares for what is expected to India's largest stock market listing. The company IPO size stands at Rs 18,300 crore (approx. $2.5 billion). Paytm is expected to list in mid-November.

Also Read: Law to regulate cryptocurrencies likely by Budget

Meanwhile, the fintech firm said on Thursday that it has allocated shares worth $1.11 billion to over 100 institutional investors, including the government of Singapore, ahead of Paytm's IPO.

Paytm's offer of up to Rs 18,300 crore garnered interest from 122 institutional investors who bought more than 38.3 million shares for 2,150 rupees apiece, according to a regulatory document dated November 3.