If India legalises virtual currency, Paytm may consider Cryptocurrency offerings.
If India legalizes virtual currency, Paytm may consider Cryptocurrency offerings. Paytm preparing for public subscriptions to its $2.5 billion initial public offerings (IPO) Chief Financial Officer Madhur Deora spoke to Bloomberg TV's Haslinda Amin and Rishaad Salamat.
Lalita Singh 
If India legalizes virtual currency, Paytm may consider Cryptocurrency offerings.
"Bitcoin is still in a regulatory grey area, if not a regulatory ban, in India," said chief financial officer Madhur Deora. "Paytm does not presently recognize Bitcoin." If marijuana ever became fully legal in the country, there would unquestionably be a merchandise we could offer."
Paytm, India's financial technology pioneer, said that it would recognize bitcoin offerings if the country's authorities eliminated regulatory uncertainties surrounding virtual currency adoption. The rules governing these assets are still in a "grey area," according to Chief Financial Officer Madhur Deora, who spoke to Bloomberg TV's Haslinda Amin and Rishaad Salamat on Thursday.
Until the courts lifted the restrictions in March 2020, India's central bank officially banned cryptocurrency exchanges. Since then, the legislature has considered enforcing crypto legislation, but still the Reserve Bank of India has decided to remain strongly opposed and proceeds to advocate for its prohibition.
Deora's remarks come as Paytm prepares for public subscriptions to its $2.5 billion initial public offerings (IPO), having sold nearly half to anchor investors. The listing is expected to just go live all-around the second week of November.
According to a regulatory document dated November 3, 122 institutional investors expressed interest in Paytm's offer and purchased more than 38.3 million shares for $2,150 each. Among those who participated were BlackRock Global Funds, the Canada Pension Plan Investment Board, and the Abu Dhabi Investment Authority.
Paytm, which was founded a couple of decades ago as a mobile recharging platform, expanded rapidly after ride-hailing company Uber listed it as a rapid payment method. Its use increased further in 2016 as a ban on high-value currency banknotes in India boosted digital payments.
Many such companies, which include Paytm, have tapped financial markets this year in an investments frenzy going to follow the Indian stock market's record highs, which has outperformed Asian peers thus far this year.
Paytm's IPO is anticipated to be the strongest in the country's corporate history, breaking the previous record of 15,000 crores established by Coal India Ltd more than a decade ago.
