Victor Ugochukwu · Dec 14, 2020 . 5min read
Cashaa will be developing Crypto-friendly financial institution in India
Cashaa is collaborating with India's United Multistate Credit Cooperative Society to develop a crypto-friendly financial institution, UNICAS.
By Komal Joshi · Oct 28, 2020 . 5min read
Cashaa, a London-based crypto-friendly banking platform, has announced a collaboration with the United Multistate Credit Cooperative Society of India. Under the partnership, Cashaa will develop the crypto-friendly financial institution UNICAS. Nevertheless, the new venture will initially incorporate 34 physical branches and operations based in northern India. However, by the next year, it has proposed to extend it up to 100 physical branches, which will assist the users in accessing crypto assets.
Cashaa offers savings account for cryptocurrencies.
By October 2020, Cashaa will provide a savings account for the users that will assist in purchasing and storing cryptocurrencies. Thus, allowing the consumers to purchase cryptocurrency via local fiat currency. Simultaneously with this, the users will also be capable of using their crypto holdings as loan collaterals.
The firm also intends to develop the crypto education centres in the current location of the United Multistate Credit Cooperative Society. Kumar Gaurav, CEO of Cashaa, says that people in India are not well acquainted with cryptocurrency and manage to stick to the conventional system. The firm requires to work hard to develop crypto adoption in the cash-based economy.
India to ban cryptocurrencies?
Recently, there were reports that the Indian government was planning a law to ban cryptocurrency. In March 2020, the Supreme Court of India had elevated the long-imposed ban by the Reserve Bank of India (RBI) on cryptocurrency. However, this news again proposed various uncertainties in the Indian crypto industry. However, there have not been any formal statements concerning any proposal of the bill for this ban still. This collaboration created by Cashaa is going to promote crypto adoption in India.
Earlier this month, Cashaa India declared that it would provide Indian businesses and individuals to open a savings account. It would enable its users to purchase, store, and save cryptocurrencies. It would include Bitcoin (BTC), Ethereum (ETH), XRP, and its native token CAS. Moreover, the firm will also enable consumers to use their crypto holdings as collateral for loans and to purchase crypto with local fiat currency.
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