Xiaomi India, the subcontinent'due south branch of the major mobile phone manufacturer, is interested in the cryptocurrency industry only needs regulatory clarity from the regime.

The firm's manager, Manu Jain, said in an interview with The Economic Times, "We will want to expect for all the regulatory things. Of course, crypto is an surface area, which is extremely interesting, and is the biggest buzzword and is doing exceptionally well. Simply, we would want to understand more than on the regulation side."

Jain's latest remarks come up later the company's financial service concern returned to growth in 2022, seeing a 35% year-on-twelvemonth surge in the first quarter due to expanding into more than financial products.

The company has been actively diversifying its products into a total spectrum lending platform focused on payments, lending, insurance, and launching e-commerce and loan services in Bharat concluding twelvemonth.

Related: Xiaomi denies involvement in shop accepting Bitcoin in Portugal

Bharat is reportedly Xiaomi'south biggest market outside of Red 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 non immediately reply to Cointelegraph's request for comment.

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