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.