Xiaomi Curious About Evolving Crypto Industry In India But?
2021-08-23 | Mike Hallen
Xiaomi India, the subcontinent’s branch of
the leading smartphone manufacturer, is
curious about the cryptocurrency industry but needs regulatory clarity from
the Indian govt.
According to the company’s managing
director, Manu Jain,
revealed within an official interview with The Economic Times, “We will want
to attend for all the regulatory things. Of course,
crypto is
an ecosystem, which is extremely interesting, and
is that the biggest buzzword and is doing exceptionally well. But,
we might want
to know more on the regulation side.”
Jain’s latest remarks come after the company’s financial service business returned to growth in 2021, observing a 35% year-on-year surge
within the first quarter due to expanding into more financial products.
The firm has been actively diversifying its products into a full spectrum lending platform focused on payments, lending, insurance, as well as
launching e-commerce and loan services in India last year.
India is reportedly Xiaomi’s major market outside of China, and neither country
is understood for being particularly friendly toward cryptocurrencies, with the Chinese government aggressively scrutinizing cryptocurrency-related trading and mining,
and therefore the Indian crypto industry still facing some ongoing extreme regulatory uncertainty.
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