Technology Giant Mahindra Want To Become The Tesla Of India

Key Points:

• Group Chairman Mahindra is hinting that his cars can be purchased with Bitcoin.
• India is still tightening its crypto regulations.

India, which now has a stake in the crypto market, has not yet established concrete steps to expand this industry. Nonetheless, some of the companies here are unique. Tech Mahindra, an Indian technology conglomerate, aspires to be the country’s Tesla.

Anand Mahindra, Chairman of the Mahindra Group, said on Thursday that individuals might soon be able to purchase the manufacturer vehicles using Bitcoin.

Anand Mahindra responded to a tweet asking whether the vehicles could be bought using Bitcoin. He said that in the future, it might be possible to purchase Mahindra vehicles with Bitcoin. It foreshadows a future in which individuals in India may purchase a vehicle using Bitcoin or other cryptocurrencies.

The company is increasingly interested in cryptocurrency and blockchain. Tech Mahindra has joined the blockchain and metaverse field, spearheading the developments as these future technologies’ potential grows. Kotak Mahindra Bank was one of the first banks in India to open its doors to the cryptocurrency industry.

Anand was also said to be generating millions from Bitcoin investments. He, however, denied all rumors that he had put a single rupee in cryptocurrency.

Although the crypto environment in India remains unclear owing to severe regulatory pressure and a high tax burden, investors and businesses continue to investigate the area.

The current Bitcoin price is $28,800. The premium models, such as the XUV 700, range in price from $24,000 to $36,000. When the value of Bitcoin rises, it will become more affordable to purchase a vehicle using Bitcoin.

Major automakers such as Audi, BMW, Mercedes-Benz, and Porsche accept Bitcoin. Tesla offers Bitcoin for Tesla automobiles, however, the service will be phased out in 2021. Tesla, on the other hand, has $184 million in Bitcoin on its financial sheet.

The manufacturer even released the first batch of Thar Superhero-themed NFTs. The Thar NFT was sold for a record price of more than $13,300, which is almost equivalent to the actual Thar cost.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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