The subcontinent’s branch of the major mobile phone manufacturer Xiaomi India is interested in the cryptocurrency industry but needs regulatory clarity from the government. The firm’s managing director, Manu Jain, said in an interview with The Economic Times, “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.”
Xiaomi India saw a 35% year-on-year surge in the first quarter.
Xiaomi India’s managing director’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 tech company has been actively diversifying its products into a full spectrum lending platform focused on payments, lending, and insurance, launching e-commerce and loan services in India last year. Since the latest boom in the crypto market, several major institutions have invested in crypto.
India is reportedly Xiaomi’s biggest market outside China.
India is reportedly Xiaomi’s biggest market outside China. Both Asian countries have a reputation for approaching the crypto industry in a dismissive way. The Chinese government aggressively scrutinizes crypto trading and mining, and the Indian crypto industry is still facing extreme regulatory uncertainty. Xiaomi India did not immediately respond to Coinnounce’s request for comment. The tech company had recently denied involvement in an effort by a Portuguese Xiaomi shop to start accepting Bitcoin payments. Mi Store Portugal had to eventually abandon its plans to enable crypto payments for Xiaomi devices after the Chinese electronics manufacturer said that the shop was not directly related to its operations