Paytm to offer Bitcoin trading? Everything you need to know

Paytm, a tech company that specializes in digital payment systems, e-commerce and finance is looking into cryptocurrencies. As per the source, the company is considering trading services around cryptocurrencies if made legal in India.

In a recent interview, a Paytm representative said that the major reason that the company was reluctant until now was the uncertainties that were surrounding the cryptocurrencies but of the regulating bodies of India approve the use of cryptocurrency then Paytm might consider it and expand itself towards that section of finance. 

Madhur Deora, Paytm Chief Financial Officer with an interview with Bloomberg TV said that even though there isn't a ban on crypto officially, India still remains in the grey area about its stance. He also made it clear that for Paytm to go ahead with the digital currency, it will need India to consider it as legal and give it full status. 

Since Paytm is one of the biggest players in the country's digital finance space, it will be a huge shift of change when they start trading in cryptocurrencies. India had earlier out a ban on cryptocurrencies which was lifted in March 2020. 

On the other hand, Bitcoin is gaining value on a daily basis with huge investments taking place. Recently, the oldest bank of Thailand Siam Commercial Bank (SCB) acquired 51 per cent of the country's largest crypto exchange Bitkub for 17.85 billion baht, which equates to around Rs 4,000 crore.