Anand Mahindra, the chairperson of one of India’s largest automotive manufacturing corporations, Mahindra and Mahindra, has hinted at the possibility of accepting Bitcoin as a payment option for cars in India. The company is valued at $18.3 billion and currently does not accept cryptocurrencies as a payment option. Mahindra responded to a follower’s query on Twitter about whether a Mahindra car could be purchased with Bitcoin by saying, “Not yet. But maybe bit by bit in the future.”
The Indian government is currently working on creating a legal framework around crypto activities to mitigate financial and national security risks. Cryptocurrencies remain unregulated and keep transactions largely untraceable, which could increase cases of money laundering and terror financing.
Although purchasing and trading of cryptocurrencies are permitted and taxable in India, no cryptocurrency is used as a payment option alongside the Indian Rupee currency. Mahindra’s experimental approach towards crypto payments is not surprising, given that the company marked its entry into the non-fungible token (NFT) space in March 2022.
Indian automakers are keeping a restrictive approach towards crypto, unlike other nations like El Salvador and the US, where payments in cryptocurrencies have become part of the financial systems. In the first five months of 2021, Tesla was allowing Bitcoin payments for selected products and services, and Elon Musk had discussed opening payments in DOGE for the EV at the time.
Bitcoin, the most expensive cryptocurrency to ever exist, could soon become a car payment option in India if Mahindra starts accepting Bitcoin payments, paving the way for other Indian automakers to follow suit. Mahindra is an avid Twitter user and often updates his timeline with amusing videos, social commentary, and his personal experiences with life.
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