Manu Jain, the managing director of Xiaomi India, has said that they need regulatory clarity to embrace crypto.
“We will want to wait for all the regulatory things. Of course, crypto is an area, which is extremely interesting, and is the biggest buzzword and is doing exceptionally well. But, we would want to understand more on the regulation side.”
It has been reported that Jain’s latest remarks come after the company’s financial service business returned to growth in 2021, seeing a 35% year-on-year surge in the first quarter due to expanding into more financial products. The company has been actively diversifying its products into a full spectrum lending platform focused on payments, lending, insurance, and launching e-commerce and loan services in India last year.
However, India is reportedly Xiaomi’s biggest market outside of China, and neither country is known for being particularly friendly toward crypto, with the Chinese government aggressively scrutinizing crypto trading and mining, and the Indian crypto industry still facing extreme regulatory uncertainty.
Xiaomi recently denied involvement in an effort by a Portuguese Xiaomi shop to start accepting Bitcoin (BTC) payments.
Thus, Mi Store Portugal eventually abandoned plans to enable crypto payments for Xiaomi devices after the Chinese electronics manufacturer said that the shop was not directly related to its operations.