Xiaomi India needs regulatory clarity to welcome crypto payments

Xiaomi India needs regulatory clarity to welcome crypto payments


Xiaomi India, the subcontinental branch of major mobile phone manufacturers, has expressed interest in the cryptocurrency industry but awaits regularity clarity from the Indian government regarding digital assets in the country’s financial systems.


 Xiaomi India’s managing director, Manu Jain, has recently shown interest in cryptocurrencies while speaking to The Economic Times, stating that crypto is “the biggest buzzword” currently, but the company wants to understand more about the “regulation side” given there has been no clear regulations by the central government.


The remarks have come soon after Xiaomi India’s business retrieved its growth status back in 2021, witnessing a 35 per cent year-on-year increase in the first quarter as the firm’s financial products recorded an expansion. Given that India hosts the largest market for Xiaomi outside China, the company has gone on board with diversifying its offerings into a full spectrum lending platform in the Indian market, focused majorly on payments, insurance, lending, loan services and e-commerce.


Jain’s remarks make sense because although India and China boast of the biggest consumer markets, neither country is famous for friendliness towards cryptocurrencies, especially the Chinese government, which has conducted aggressive crackdowns among its crypto traders and miners. 


A Mi Store in Portugal recently abandoned plans for enabling crypto payments for any of its products; however, Xiaomi’s Chinese officials denied having any direct relations with the Portuguese operator.


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