Xiaomi Waiting for Regulatory Clarity to Delve Into Crypto

Chinese technology giant Xiaomi is not ready to make cryptocurrencies part of its fast-growing financial service business just yet.

Manu Kumar Jain, the company’s global vice president, told The Economic Times that more regulatory clarity is needed as far as crypto is concerned:

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 stressed that Xiaomi wants to be “100 percent compliant” with laws in various jurisdictions.

As reported by U.Today, Mi Store Portugal started accepting a slew of digital currencies earlier this month, but it swiftly removed the new payment options after a spokesperson for Xiaomi clarified that it was only a third-party reseller that had no direct link to the Beijing-headquartered tech behemoth.   

If Xiaomi, which aims to become the world’s biggest smartphone manufacturer in three years, moves into crypto, it will likely stumble into a slew of regulatory roadblocks in China, which is known for egregiously anti-Bitcoin policies.