Paytm to consider Bitcoin offerings

In October 2021, One97 Communications, which runs Paytm, received the Securities and Exchange Board of India’s (SEBI) nod for its initial public offering (IPO). The fintech is looking to raise INR 18,300 crore via IPO (up to USD 20 billion), which will open for subscription on 8 November and close on 10 November 2021. Paytm had stopped facilitating crypto-related transactions on Indian exchanges in May 2021 after the Reserve Bank of India (RBI) issued a private diktat to banks asking them to reconsider cryptocurrency transactions. 

In May 2021, the RBI asked banks not to cite its 2018 order to deny banking services to customers who dealt in cryptocurrencies, after the Supreme Court set aside the order in March 2021. The April 2018 circular asked banks to ensure that customers dealing in cryptocurrencies were not allowed access to banking services. According to reports, the government might announce the legal framework to regulate and govern cryptocurrencies before the FY22 budget. More than 1.5 Cr Indians currently hold over INR 1,500 Cr worth of crypto assets, termed the most important asset class of the 21st century.