Paytm, India’s digital payments leader, said it might consider bitcoin services if the Indian government cleared regulatory uncertainties around the adoption of cryptocurrency. Regulations governing these assets are still in a “grey area,” according to Chief Financial Officer Madhur Deora, who spoke with Bloomberg TV’s Haslinda Amin and Rishaad Salamat on Thursday.

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“In India, Bitcoin is still in a regulatory grey area, if not regulatory prohibition,” Deora added. “At this time, Paytm does not accept bitcoin. If it ever becomes legal in the nation, there will undoubtedly be options that we can introduce.”

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Until the judges removed the cryptocurrency ban in March 2020, the country’s central bank essentially prohibited the trade in Bitcoin. Since then, the government has contemplated enacting crypto laws, but the Reserve Bank of India (RBI) has remained skeptical and has advocated its prohibition. Deora’s comments come as Paytm prepares for its $2.5 billion initial public offering (IPO). The listing is scheduled for mid-November.

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Paytm said it had allotted $1.11 billion in shares to more than 100 institutional investors, including the Singapore government, ahead of what is likely to be India’s largest stock market listing. According to a regulatory filing dated November 3, 122 institutional investors expressed interest in Paytm’s offer and purchased more than 38.3 million shares for Rs 2,150 each. BlackRock Global Funds, the Canada Pension Plan Investment Board, and the Abu Dhabi Investment Authority were among the investors.

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Paytm, which was founded a decade ago as a mobile recharge site, developed swiftly after ride-hailing company Uber included it as a quick payment option. Its popularity grew even more in 2016 as a result of India’s ban on high-value currency banknotes, which increased digital payments. Paytm’s IPO is expected to be the largest in Indian corporate history, smashing the previous record set by Coal India Ltd, which raised Rs 15,000 crore more than a decade ago.