Fri. Mar 29th, 2024
PayTmPayTm is already one of the partners for BCCI. Image source: Official PayTm's facebook page.

Softbank backed fintech company– Paytm has said that there is a probability that it may launch  Bitcoin offerings when the status quo on the digital currency is legalized by the authorities, by removing regulatory uncertainty related to the adoption of cryptos.

The digital payments and E-commerce company’s Chief Financial Officer (CFO)– Madhur Deora told Bloomberg TV that the rules associated with these assets continue to fall under “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.”

The Reserve Bank of India (RBI) had put a ban on cryptocurrency trading which was later lifted by the Supreme court in  March 2020.

Since then, the government has considered enacting cryptocurrency legislation, but the RBI has remained steadfast in its prohibition.

Paytm is gearing up for what is believed to be India’s largest stock market debut, according to Deora’s statements. The company’s initial public offering (IPO) is valued at Rs 18,300 crore (about $2.5 billion). Paytm is set to go public in mid-November.

Meanwhile, Paytm announced on Thursday that it had allotted $1.11 billion in shares to over 100 institutional investors, including the Singapore government, ahead of the IPO.

According to a regulatory statement dated November 3, 122 institutional investors acquired more than 38.3 million shares for 2,150 rupees each in Paytm’s offer of up to Rs 18,300 crore.

 

By Harshita Sharma

I bring to you updates from business, policy and economy spectrum.

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