Bitcoin Forum

Most of us are aware that the cryptocurrency market is really progressing in India despite the regulatory uncertainty. And right now the Indians has planned to or has already launched the first cryptocurrency Bank in India at the city of Jaipur
 Unicas (The name of the Bank) is a joint venture between the financial services companies Cahsaa and United Multistate Credit Cooperative Society. In an official announcement Cashaa mentioned that Unicas is the very first Crypto bank in the world to open a physical branch and will be able to execute Crypto transactions and local currency through the same account. In addition to that will also provide the same services as local Bank such as buying and selling of Crypto assets and insurance of loans; isn't that great 😁. And also mentioned to expand it services across 14 branches by January 2020 and planning to accelerate the expansion of Unicas to open 100 branch by the end of 2022😁

What a great news to the crypto world most especially to the Indians

Source: https://www.financemagnates.com/cryptocurrency/news/worlds-first-physical-cryptocurrency-bank-opens-in-india/

Banks to be established and accept or adapt this technology won't be a problem. But there's one thing I'm concerned with; will it be used by investors knowing that there are wallets in which we could store our holdings with and exchangers to sell some amount. Indeed it would be a bit of a hassle but fees would be for sure, lower compared to bank transactions which would include taxation (more likely) since it would be under a government. This I think would matter more than establishment of Bitcoin banks. Same thing goes with third party networks which are now accepting or are planning to accept cryptocurrencies as a mode of payment. But if this would be patronised by the users, I am thinking of an advantage banks will offer in order to catch their interest.

Every time I read something about Cashaa, I remember the news that they were hacked in a fairly simple way - so everything that has to do with them seems unprofessional to me in a way. As for the crypto bank, I'm not thrilled with the idea - because every user should be their own bank if we want real decentralization. On the other hand, India is a huge market, and I am not at all surprised by such initiatives.

However they set up their business, I hope they won’t keep their clients ’funds in hot wallets and anything like that.

Cashaa hacked. 336 BTC Stolen. (https://bitcointalk.org/index.php?topic=5261610.0)

The thread's title is misleading and sounds like a typical ICO lol.

Anyway, while this is good for Indian crypto community and adoption as a whole, I just don't know how long their government still being capricious about their regulation of cryptocurrency on the country.

I think the concept of the Crypto Bank is not new, In fact, many platforms are already claiming that they are the first one. But my point is are they needed? for me it is not because it's a concept of Centralization, and we are talking cryptocurrencies like Bitcoin, etc. which is promoting decentralization so that it does not make sense to me. The Industry just needs a bridge but not a bank with a centralized function. But thats only my opinion and I'm not an expert about it.

Ccrypto Bank is a much-needed one for the purpose of better spreading about the cryptocurrency. India being a big market, anything successful within India will yield good profit as well as help in widening of the market. Right now the service is being opened in a partnered manner. More banking services have already begun to operate only with cryptocurrency.

I've a double thought on this news.

1. It's one of its kind in the crypto world. This means they would reap the benefits of first mover advantage, if there would be any. They'll also experiment for others.

2. I am eager to know how they plan to operate and what's their cutting edge business model that make them different from the traditional fiat banks.

Great indeed to have the first crypto bank.

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I read a tweet of recent about the how India  is pursuing an aggressive digital economy strategy. I believe they will soon become like China in terms of digital Inclusion.

This crypto bank will depeen the digital Inclusion and financial inclusion in this country. With the population of India, it may become a leading digital technology nations in the nearest future.

[moderator's note: consecutive posts merged]

Having a crypto bank is a welcomed development because it will be very easy to transact with bitcoin in India both purchasing and selling, but in order aspect of it if I may ask what is going to be the major function of btc bank since we have some exchange platforms where we can buy and sell btc which is existing now such as Binance, but I'm not condemning the fact that bitcoin or crypto bank is bad, but the differentiation between the bank and Binance we know as exchange for long period.

Personally I do not agree with the establishment of a cryptocurrency bank even though it is in my country, the reason is that it cannot be completely controlled by the legal owner, so if we deposit crypto into the bank (save money) then they will charge interest per month. this of course will be very detrimental to its users.
This is not a good solution, especially for India which is still vulnerable from a security perspective and also facilities that do not guarantee 100% security. it's better to hold your crypto freely in your control, even if there's a loss it won't hurt a lot of people. Imagine if it was stored in a crypto bank, of course if there was a theft, for example 1 bitcoin per person, would the bank easily return it, while crypto banks in India were still in the experimental stage.
highly not recommended for any reason.

  What is the point since bank is third party to hold your coins and bitcoin concept is financial freedom without third parties involved ???

Fail, only someone not unterstanding crypto would come up such nonsense.

Unicas the First Physical Crypto Banking brand in the world to offer all crypto-based services in Jaipur, India.
It is incredible but true! In this forum there was much talk about the controversies of the Indian nation about Bitcoin, many times banned but the Indians got away with it.

If you read the article you will find the graphics of the offices in Jaipur, India.
Congratulations to India for this great achievement as a nation because it means a great step to contribute to the empowerment of people and massive expansion.

Sometimes a news like this can sound contradictory when the crypto community is an advocate of decentralization but there are people who need the resource and knowledge to undertake and forge a future and institutions like these can provide the support they need.

https://medium.com/cashaa/unicas-opens-worlds-first-physical-crypto-banking-branch-in-jaipur-india-d0722e2ae514 (https://medium.com/cashaa/unicas-opens-worlds-first-physical-crypto-banking-branch-in-jaipur-india-d0722e2ae514)

This sounds pointless to me. All you need is a smartphone or even a piece of paper.

"14 branches by January 2020 " means additional taxes and expenses that will be transferred to the end-user.

That's why we are all here. We are here to learn so if am wrong please kindly correct me. We learn from our mistakes
Thank you

India. The 'Unicas' will help people to perform transactions in cryptocurrency and fiat from one account to the other. The bank will offer services for crypto as well as fiat assets.

Why do we need a bank if Satoshi wanted to create a decentralized bankless system!? Bitcoin is meant to be bankless why should we go back to the old days. Creating the central authority to control cryptos is not a good idea. It can be only possible if the bank by itself is decentralized.

I don't think banks are necessary, like burning the daylight. you can totally put your crypto wealth on exchanges, like aave. since we can do it by ourselves, why go to the bank? I don't really trust banks. I prefer my own wallet :)

sure. every user can be the bank of their own. who needs a bank? giving your cryptocoins to the bank is risky and not convenient when you wanna some information of this market. I don't know anything to be happy about, it's a trap!

banks, together with the governments, can be capricious in regulation. we don't know what they are gonna do to our money, they foucus on the profit of their own. maybe one day when bitcoin is very expensive and gets accepted by the world, your crypto savings in the bank will be gone or manipulated by the authorities. we need to decentralize the regulation, no banks.

Everyone can be his own bank in the crypto but people still searching for the banks here

There is no need for a Bank. Everyone operates his own bank and can control his money straight out of his wallet.
https://www.relayx.com/card


First few words on Bitcoin Whitepaper (https://bitcoin.org/bitcoin.pdf), person to person e-cash system.
It does not say peer-to-bank-to-peer.

im not indian but i find this great and my salute to the indian country because no matter how the complicated the status of crypto in thier place they still end up with a plan like this  whilst ours and other countrys that have a normal status of crypto didnt have the courage or they havent think of this idea but its nice that you posted this because they may get a glimpse of this and also may start thier own . cant wait for this to happen but for now i think ill continue stacking sats and btc so that when that moment comes when we have a btc bank i have lots of funds to store in it ;)

Sounds great to those who don't mind about kyc and regulations, for those who wants to keep their privacy, i don't think this news is any better than having your crypto in cex and going through the required kyc process, however, i guess this is one of the sacrifice to be made to gain mass adoption - regulations.

The purpose of creating Bitcoin by Satoshi Nakamoto is to eliminate third parties when financial transactions occur. So we can control our own finances
and become our own bank. If crypto transactions carried out in banks are no longer decentralized, surely the bank wants to control its users. Therefore,
we do crypto transactions, we don't need a bank, so using a bank is only for cashout.

At least in this one, the clients are safer because their money that is in this crypto bank is going to be insured. I mean what is the difference between a KYC on other exchanges and this crypto bank? I doubt that there won't be a lot of difference. It is not sacrifice, this is part of the innovation, more like crypto banking as I like to call it.

Because most people are not ready to separate from the current financial system, in other words, they are not ready to be their own bank. At the same time, various companies see in all of this their opportunity to make money, and they don’t care at all why Satoshi invented Bitcoin. While we all know the saying "not your keys, not your coins", we also know that it's a big responsibility that many are not up to - people lose Bitcoin every day using desktop, mobile and even hardware wallets - and so for some of them it definitely makes sense that there is a crypto bank.

Of course, I don't like the idea either - BTC has become too centralized in the sense that large quantities are stored on crypto exchanges and custodial wallets - and if we know that they all operate in accordance with the law, that same law could at any time freeze all those funds.

Isn't this news be having disruption from the India government? because recent news around the corner about cryptocurrencies ban in India, although since it gonna go decentralized, a single F2F or rather peer to peer system can be created for easy transactions from all customers end. Invariably, assurance had be covered that many adoption of cryptocurrency will occur in the future, many country will join in the train of development crypto currency banks.

I do already have suspicions that one day we will going to have a crypto Bank, and finally it went on reality however i didn't expect that it would be risen first on India for I am expecting that it would be materialize first in the US country or somewhere Americas or Japan. However, whether where it were built or risen this was still a good news for the crypto world. It doesn't matter anyway where it was, and i do hope that each country could also have a crypto Bank already in future.

Though we tend to back away from this type of related to banks, regular people will actually use this type for they trust bank over their own for keeping a wallet and password. Sad reality when it comes to regular people who will not really learn the technical side of crypto. Even today that it's obvious how much banks had provided them the lowest interest rate, they pay for keeping their funds to the banks.

Some already stated but what's the point of being into Bitcoin, and cryptocurrency in general, and putting the into a Bank or using banking service ?
Let's not forget the sentence "Chancellor on Brink of Second Bailout for Banks" included in the genesis block by Satoshi Nakamoto, he basically created the idea of overcoming third party organizations by the use  cryptocurrencies and blochckain technologies.

I never knew crypto bank is a thing. I mean, i never even think about it before. Other than accepting the transaction of cryptocurrency, what else will the bank do?
I think one of a few things crypto currency known for is the technology-based, or known to be really digital. We can do everything about it online, like the transactions, opening account and such. And even more, crypto has no shape, so people won't need to go to bank to "take it out" as well, unlike cash. So i don't get it why we need a bank, like the physical bank. But well, i might be wrong. We still don't know what will it be, since it's the first right? Maybe it might be a great idea to open a cryptobank. I might see how it goes.