Cashaa cryptocurrency bank has announcement its launch in India during the next month of August in the states of New Delhi, Gujarat and Rajasthan. Cashaa shared plans for expansion in Indian territory with the states of Maharashtra, Uttar Pradesh and West Bengal in the second phase of their project.
The crypto bank could become a savior for Indian crypto exchanges struggling to offer transparent services to customers due to non-cooperation from Indian banks. Cashaa will include the introduction of personal bank accounts to enable peer-to-peer commerce. Apart from this, Cashaa will also provide debit cards and loans against cryptocurrencies as well as loans for the purchase of cryptocurrencies in India.
âWe will come to India next month. We will be launching personal bank accounts so that personal traders can do Peer Peer trading. Cryptocurrency traders will be able to transact without worrying about their bank accounts being frozen, âsaid Kumar Gaurav, CEO and Founder of Cashaa.
India awaits positive regulation
Indian banks have refused to offer their services to crypto exchanges despite a 2020 decision allowing them to do so. Banks cite a lack of regulatory clearance from the government as the reason for denying services.
Nirmala Sitharaman, India’s Minister of Finance recently said in an interview that they are ready with the Cabinet Bill they have worked hard for. If the crypto bill finds a place in the next parliamentary session and then passes, India may soon become the dark horse of the crypto sphere.
âWe worked on it a lot. We took into account the contributions of stakeholders. Cabinet note is ready. We need to see when cabinet can look at it and consider it so that we can then move it. From our side, I think that one or two indications that I have given are that at least for fintechs, experimental projects and pilot projects a window will be available. Cabinet will have to make a decision, âSitharaman said.
In the space of a year, India has seen a drastic increase in crypto investments with an increase of around 19,000 percent in crypto investments. Indicating the support of both government and citizens, India can be big news for the crypto community.
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