According to an Oct. 26 announcement from Cashaa, the fintech firm will partner with the Indian company United multi-state cooperative credit society to build a crypto-friendly financial institution called UNICAS. This new venture would include 34 “branches and physical operations” in northern India, including the cities of Delhi and Gujarat, and the state of Rajasthan. However, the fintech company said it plans to expand to 100 physical branches “where users can access crypto products” by next year.
Earlier this month, Cashaa India said it would allow Indian businesses and individuals to open a savings account to buy, store and save cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), XRP and its native CAS token. The company would also allow customers to use their crypto holdings as collateral for loans and buy crypto with local fiat currency.
Additionally, Cashaa said he would upgrade The United’s existing locations to crypto education centers.
“Most Indians are unaware or misinformed about cryptocurrency as an online product and they tend to trust what they see or what the government recognizes and recommends,” he said. said Cashaa CEO Kumar Gaurav. “India is still largely a money-based economy despite a demonetization campaign. We intend to fix the two issues that are slowing down the cryptocurrency adoption process. “
In September, reports circulated that India’s federal cabinet was considering a law banning crypto six months after courts lifted a previous blanket ban. However, when India’s parliament convened in its monsoon session last month, no regulatory body reportedly proposed bills calling for such a law.
Siddharth Sogani, founder of Indian blockchain research firm Crebaco, called reports calling for a new crypto ban a “clickbait.” The CEO of Cashaa also said he believes media reports on a possible crypto ban are speculative stories, and that the regulations are unlikely to be an obstacle for Cashaa India to offer crypto services to its users. . The next Indian parliament meeting is usually scheduled for November for its winter session.