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Now You can Pay with Bitcoin on Paytm, know all details!

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HIGHLIGHTS :

  • India awaits the announcement of an official cryptocurrency bill
  • It can be introduced in the upcoming winter session of Parliament
  • The cryptocurrency sector in the country has seen an expansion in recent months.

India awaits the announcement of an official cryptocurrency bill

If India decides to officially legalize the crypto space, Paytm is also preparing for it. The facility to pay with bitcoin is onboard on Paytm. Paytm Chief Financial Officer Madhur Deora in a recent interview with Bloomberg TV hinted at the company’s pro-crypto approach. The holding and trading of cryptocurrencies is not yet banned in India, but there are no rules to regulate it as of now. The Finance Ministry is working on a draft to manage this sector.

It can be introduced in the upcoming winter session of Parliament

It has been told by Madhur Deora that bitcoin is still in the regulatory gray area in India. Paytm currently does not do business in bitcoin. If it becomes fully legal in the country, then clearly there may be offerings that we can launch.

The Finance Ministry is working on ways to structure the crypto space. For this, a new committee has been constituted, which will find out whether earnings from cryptocurrency trading can be taxed. The Reserve Bank of India (RBI) is also working on launching its first official digital currency as a regulated “Central Bank Digital Currency (CBDC)” by the end of 2021. India is currently awaiting the announcement of an official cryptocurrency bill, which will be introduced in the upcoming winter session of Parliament.

The cryptocurrency sector in the country has seen an expansion in recent months.

The cryptocurrency space in the country has seen an expansion in recent months. According to a report released earlier this month – cryptocurrency adoption in India, Pakistan, Ukraine, and Vietnam has increased by 880 percent. According to a report by TechStory, around seven million Indians have invested a collective amount of over $1 billion (about Rs 7,380 crore) in cryptocurrencies.

The holding and trading of cryptocurrencies is not yet banned in India, but there are no rules to regulate it as of now.

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