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According to an October 26 announcement from Cashaa, the fintech firm will partner with India United Multistate Credit Cooperative Society to build a crypto financial institution called UNICAS. This new venture will reportedly include 34 “physical branches and 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” within the next year.
Earlier this month, Cashaa India said it will allow Indian businesses and individuals to open a savings account to buy, store and save cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), XRP and its CAS native token. The company will reportedly allow customers to use their crypto holdings as collateral for loans and to buy cryptocurrencies with local fiat currency.
Additionally, Cashaa said he would be retrofitting existing U.S. locations into crypto education centers.
“Most Indians are unaware or misinformed about cryptocurrency as an online product and tend to trust what they see or what the government recognizes and recommends,” said Cashaa CEO Kumar Gaurav. “India is still largely a liquidity-based economy despite a push towards demonetization. We intend to address both issues that are slowing down the cryptocurrency adoption process. “
In September, reports circulated that India’s federal cabinet was considering a law banning cryptocurrencies six months after courts overturned a previous blanket ban. However, when the Indian parliament met during its monsoon session last month, no regulator would have proposed bills requiring such a law.
Siddharth Sogani, founder of Indian blockchain research firm Crebaco, called reports calling for a new crypto ban “clickbait”. Cashaa’s CEO also said he believes media reports of a possible cryptocurrency ban are speculative stories and regulations will most likely not be an obstacle for Cashaa India to offer crypto services to its users. The next time the Indian parliament is usually scheduled to convene is in November for its winter session.
