Xiaomi India needs regulatory clarity to embrace crypto, says exec

Xiaomi India, the subcontinent’s branch of the major mobile phone manufacturer, is interested in the cryptocurrency industry but needs regulatory clarity from the government. The firm’s managing director, Manu Jain, said in an interview with The Economic Times, “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’s latest remarks come after the company’s financial service business returned to growth in 2021, seeing a 35% year-on-year surge in the first quarter due to expanding into more financial products.