Cryptocurrency bank Cashaa has opened a branch under the Unicas brand in India, where the future of crypto assets is unclear.
In its December 28 announcement, Cashaa claims that the branch it opened in Jaipur, India, in conjunction with local financial services company United Multistate, is the “world’s first physical crypto bank branch.” Unicas CEO Dinesh Kukreja commented:
“This will allow us to create, evolve and offer customized financial and crypto products for local Indian markets.”
Unicas aims to open 14 branches in January and increase the number to 100 by 2022. With this aggressive expansion, the company aims to welcome 25,000 customers in the first quarter of 2021.
Crypto bank Unicas will provide traditional banking services and those for holders of crypto assets, the company said. The company’s offerings include savings accounts, a crypto exchange, crypto loans, and debit cards that allow holders to spend cryptocurrency.
Additionally, Unicas customers can apply for an instant loan digitally by depositing crypto assets into their wallet and borrowing Indian Rupees to their card or bank account.
The announcement came after a report yesterday by English-language newspaper The Times of India, which said the government is considering imposing an 18% goods and services tax on all cryptocurrency transactions.
This would actually be good news, as the future of cryptocurrency in India remains precarious. As Modern Consensus reported in mid-September, Indian lawmakers planned to introduce laws that would ban cryptocurrency trading in the country entirely. However, the parliamentary session during which this law would have been voted was to take place from December 7 to 11. But it was canceled due to the ongoing pandemic.
That being said, some Indian crypto stakeholders believe there is a positive outlook for the future of the industry in the world’s second most populous country. Sathvik Viswanath, CEO and co-founder of Indian crypto exchange Unocoin, told Modern Consensus earlier this month that he believed India’s hostility to crypto was “very likely” exchange.
Unicas’ banking department collaboration with United Multistate provides Unicas with access to its partner’s regulatory licenses, physical branches and global banking infrastructure.
“If we plan to move forward with the goal of digital India, we cannot hesitate to embrace new technologies and find innovative ways to bring them to Tier 1 and Tier 2 cities in India, ”Cashaa said. founder and CEO Kumar Gaurav.
He explained that the initiative is aimed at boosting the adoption of crypto in India. “In addition to banking services, Unicas will also provide information and advice on the level of convenience and security offered by blockchain technology,” he said.