Xiaomi India needs regulatory clarity to embrace crypto, says exec

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Xiaomi India — the subcontinent’s branch of the major mobile phone manufacturer — 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.” 

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 and insurance, launching e-commerce and loan services in India last year. 

Related: Xiaomi denies involvement in shop accepting Bitcoin in Portugal

India is reportedly Xiaomi’s biggest market outside 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 Global and Xiaomi India did not immediately respond to Cointelegraph’s request for comment.

Xiaomi recently denied involvement in an effort by a Portuguese Xiaomi shop to start accepting Bitcoin (BTC) payments. 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.