India’s IPO-Bound Paytm to Facilitate Bitcoin Transactions if Government Legalizes Cryptos
Paytm is preparing to undertake the largest Initial Public Offering (IPO) in Indian history, with a value anticipated to be in the neighbourhood of $20 billion. When Madhur Deora, the company’s chief financial officer, spoke with Bloomberg TV about the conglomerate’s prospective future, he made some startling comments about the company’s possible future among thirsty investors and a value that was set to soar to new heights.
According to Deora, Paytm may take into consideration transactions using the highly-discussed digital asset known as cryptocurrency. The corporation, on the other hand, is waiting for the Indian government to resolve the broad uncertainties and regulatory obstacles that have been placed in the way of Bitcoin.
“Bitcoin is in a regulatory grey area in India, assuming it is not outright prohibited. As a company, Paytm has always placed a high importance on compliance with applicable rules, and we adhere to the law in both word and spirit. Currently, Paytm does not accept Bitcoin payments,” Deora said in the interview.
If bitcoin were to become totally legal in India, Deora said, the digital payment platform may explore developing certain partnerships and products that would benefit both Paytm and its consumers in the future. Even if there has been an increase in the number of enterprises that support digital currency and enable individuals to trade in Bitcoin, Ethereum, and other digital tokens in the Indian technology area, Paytm does not seem to be in a hurry to get things done.
The business’s CFO’s response, on the other hand, indicates that the corporation is not opposed to the notion and will ultimately join the crypto-currency train. The Reserve Bank of India virtually halted the expansion of cryptocurrencies in the Indian market, but the prohibition was removed by the Supreme Court in March 2020, thereby ending the ban.
For some time now, the Indian government has been debating whether or not to legalise Bitcoin and has been working on a cryptocurrency law since the prohibition was removed. Similarly to Paytm, the government of the nation is not hostile to the digital asset and is seriously studying methods in which this contentious currency may be used in the growth of the fintech industry.
It is expected that the digital payment network would conduct the largest initial public offering (IPO) ever witnessed by Indian investors on November 8, with the subscription window running until November 10. The business has set a price range for its shares of Rs.2080 to Rs.2150 per share, with the upper limit being Rs.2150. For this purpose, the corporation has hired investment banks such as Goldman Sachs, Morgan Stanley, Citi, and ICICI to conduct an audit of the process.