Xiaomi India looks to enter cryptocurrency industry but need regulatory clarity...

Xiaomi India looks to enter cryptocurrency industry but need regulatory clarity from the Indian government

Xiaomi India looks to enter cryptocurrency industry but need regulatory clarity from the Indian government

5 hours ago

Xiaomi India, a branch of Chinese smartphone maker Xiaomi, is interest in the cryptocurrency industry but it cannot enter the sector due to lack of regulatory clarity from the government.

Detail:

“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,” said Manu Jain, the managing director of Xiaomi India.

Jain’s remark came after Xiaomi’s financial service business returned to growth with 95% increase in business in the January-March quarter compared to the October-December quarter of 2020.

 The company has been actively expanding its financial service businesses including payments, lending, insurance, and launching e-commerce and loan services in India last year.

So, it is not surprising that the company is also eyeing an entrance into the burgeoning crypto space which is beginning to achieve mass adoption in the wider financial market.

India is Xiaomi’s second biggest market after China, and both countries hold negative stance toward crypto, with the Chinese government aggressively banned crypto trading and mining.

Context:

Xiaomi is not the first Chinese tech companies that has showed interests in crypto industry.

In March, Hong Kong listed Chinese tech company Meitu, which is best known for its photo editing app, announced to buy USD40 million of cryptocurrencies including Bitcoin and Ethereum.

Explaining the decision making, Meitu said the purchase were part of a USD100 million cryptocurrency investment plan which has already approved by the company’s board of directors.

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