Xiaomi India needs regulatory clarity to embrace crypto, says executive

[ad_1]

Xiaomi India, the subcontinent arm of the leading mobile phone maker, has an interest in the cryptocurrency industry, but needs regulatory clarity from the government.

The chief executive of the company, Manu Jain, said in an interview with The Economic Times, We will want to wait for all regulatory things. Of course, crypto is an extremely interesting area, the biggest buzzword and doing exceptionally well. But, we would like to understand better from the regulatory side.

Jains’ latest remarks come after the company’s financial services business resumed growth in 2021, growing 35% year-over-year in the first quarter due to the expansion into more financial products.

The company has actively diversified its products into a full spectrum lending platform focused on payments, lending and insurance, launching e-commerce and lending services in India last year.

Related: Xiaomi Denies Any Involvement In A Bitcoin Accepting Shop In Portugal

India is said to be Xiaomi’s largest market outside of China, and neither country is known to be particularly crypto-friendly, with the Chinese government aggressively scrutinizing crypto trading and mining. , and the Indian crypto industry still faces extreme regulatory uncertainty.

Xiaomi Global and Xiaomi India did not immediately respond to Cointelegraphs request for comment.

Xiaomi recently denied any involvement in an effort by a Portuguese Xiaomi store to start accepting Bitcoin (BTC) payments. Mi Store Portugal finally abandoned its plan to enable encrypted payments for Xiaomi devices after the Chinese electronics maker said the store was not directly linked to its operations.

[ad_2]