India Will Soon Have Crypto ‘Banking’ at 22 Physical Locations

[akram143]

India’s digital assets space continues to see rapid development, with the latest news from the subcontinent being cryptocurrency financial services offered at physical branches.

According to a blog post from digital finance firm Cashaa on Tuesday, a new joint venture with the United Multi State Credit Cooperative Society will provide users with cryptocurrency services alongside traditional banking at 22 locations in the northern part of the country.

A launch is slated for December of this year, with Cashaa saying the plan is to expand the service to over 100 branches by 2022.


Cashaa, which calls itself a “crypto-friendly neo-bank,” said it was planning a move into India when it raised $5 million from a Dubai investment firm in early September.

The joint venture, called UNICAS, will offer crypto savings accounts; lending with gold, cryptocurrency and property as collateral; and crypto buying and investment.

At launch, UNICAS will list six major cryptocurrencies for purchase with Indian rupees: bitcoin (BTC), ether (ETH), bitcoin cash (BCH), EOS, litecoin (LTC) and XRP. Binance coin (BNB) and Cashaa (CAS) will also be offered.

The credit cooperative society already has regulatory licenses in India, which will bring Cashaa access to the local market, the post said.

“This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets,” said Dinesh Kukreja, managing director of United Multistate Credit Cooperative Society and CEO of UNICAS.

India has been seeing something of a crypto renaissance since the central bank’s ban on banking services for digital assets companies was overturned by the Supreme Court in March.


Since then, crypto exchanges have reported surging trading interest and volumes, while investors have been flocking to invest in the startups rising in the underserved market.

Hanging over all of this like a dark cloud is the fact that the country’s government still hasn’t produced long-rumored regulations around cryptocurrency, with some reports suggesting a possible crypto trading ban may be in the cards.

According to this blog,soon there will be 22 crypto friendly banks will be established.Do you think this is going to change the trading activities of cryptos in India?

[~Money~]

India’s digital assets space continues to see rapid development, with the latest news from the subcontinent being cryptocurrency financial services offered at physical branches.

According to a blog post from digital finance firm Cashaa on Tuesday, a new joint venture with the United Multi State Credit Cooperative Society will provide users with cryptocurrency services alongside traditional banking at 22 locations in the northern part of the country.

A launch is slated for December of this year, with Cashaa saying the plan is to expand the service to over 100 branches by 2022.


Cashaa, which calls itself a “crypto-friendly neo-bank,” said it was planning a move into India when it raised $5 million from a Dubai investment firm in early September.

The joint venture, called UNICAS, will offer crypto savings accounts; lending with gold, cryptocurrency and property as collateral; and crypto buying and investment.

At launch, UNICAS will list six major cryptocurrencies for purchase with Indian rupees: bitcoin (BTC), ether (ETH), bitcoin cash (BCH), EOS, litecoin (LTC) and XRP. Binance coin (BNB) and Cashaa (CAS) will also be offered.

The credit cooperative society already has regulatory licenses in India, which will bring Cashaa access to the local market, the post said.

“This will allow us to build, scale and offer customized financial and crypto products for the local Indian markets,” said Dinesh Kukreja, managing director of United Multistate Credit Cooperative Society and CEO of UNICAS.

India has been seeing something of a crypto renaissance since the central bank’s ban on banking services for digital assets companies was overturned by the Supreme Court in March.


Since then, crypto exchanges have reported surging trading interest and volumes, while investors have been flocking to invest in the startups rising in the underserved market.

Hanging over all of this like a dark cloud is the fact that the country’s government still hasn’t produced long-rumored regulations around cryptocurrency, with some reports suggesting a possible crypto trading ban may be in the cards.

According to this blog,soon there will be 22 crypto friendly banks will be established.Do you think this is going to change the trading activities of cryptos in India?

If Crypto banking branches established in India then Investors will definitely get attracted towards the crypto trading. Even a common man will get aware of crypto services. Nowadays, many people heard about Bitcoin in India but don't know how to buy or sell it. Even a sense of security and trust will establish among the retail investors by having a physical branch in their city. And this will encourage them to trade in crypto. Next 2 years are going to be really important to get a clear vision about the crypto future in India. and I think UNICAS got this opportunity to lead this revolutionary change in India. Let's hope that they do it in a right way.

[pakhitheboss]

If this happens then surely a lot of retail investors will start investing into cryptocurrency. I mean those who knew about it but shyed away think it to be a scam.

Plus those MLM scammers most of them based in the northern part of India will be in trouble the next time they come with a new plan as people will start asking the right questions.

By the way aren't co-operative banks or semi financial institutions also fall under the governance of the RBI. I mean do these guys have the consent of the RBI.

[avikz]

The news is definitely exciting but I am super skeptical on how Cashaa is planning to pull it off! They have definitely started with a good note and already bagged a scheduled bank to partner with, but the regulatory situation is not really promising in India.

It's great that the Finance ministry is not taking much interest on it. But once they start showing interest in crypto matters, the situation may worsen for all of us!

[manav24]

I believe its an old news, Cashaa is already hacked and 336 stolen back in July which is most probably inside job or exit scam.
https://cointelegraph.com/news/the-cashaa-hack-investigators-stay-silent-as-inside-job-rumors-emerge

[akram143]

By the way aren't co-operative banks or semi financial institutions also fall under the governance of the RBI. I mean do these guys have the consent of the RBI.

Any kind of banking institutions needs to get the clearance of RBI and should follow their regulations which could be a big task for the this plan to become reality.

I believe its an old news, Cashaa is already hacked and 336 stolen back in July which is most probably inside job or exit scam.
https://cointelegraph.com/news/the-cashaa-hack-investigators-stay-silent-as-inside-job-rumors-emerge

Actually this announcement was posted by Cashaa team itself on Oct 27 so it is not really an old news.Probably they found a way to overcome the stolen BTC which happened earlier this year.

[Melloiga]

Let's see how this goes. I am not too excited because I have my worries

The only good use I see of these "banks?" is easy buying/selling of crypto. That is if they offer good price and don't charge too much for the transaction (Even the banks are now charging for all transactions(some banks ie for now)). Which would make it convenient for people to buy/sell crypto for cash.

Other than that. I don't need a crypto savings account, I can just save my crypto on a piece of paper and I'd rather sell my gold and crypto than have them pawned.

But I suppose it would be compulsory to keep an account active if you want to trade crypto in these institutions and maintain a MAB maybe? Will they offer FDs too? What about rate of interest? Are they going instantly convert crypto deposits to fiat? Otherwise how will they manage the volatility?

Also, I don't know if funds stored in Credit Cooperative Societies come under the DICGC's insurance? 

[akram143]

Let's see how this goes. I am not too excited because I have my worries

The only good use I see of these "banks?" is easy buying/selling of crypto. That is if they offer good price and don't charge too much for the transaction (Even the banks are now charging for all transactions(some banks ie for now)). Which would make it convenient for people to buy/sell crypto for cash.

Other than that. I don't need a crypto savings account, I can just save my crypto on a piece of paper and I'd rather sell my gold and crypto than have them pawned.

But I suppose it would be compulsory to keep an account active if you want to trade crypto in these institutions and maintain a MAB maybe? Will they offer FDs too? What about rate of interest? Are they going instantly convert crypto deposits to fiat? Otherwise how will they manage the volatility?

Also, I don't know if funds stored in Credit Cooperative Societies come under the DICGC's insurance? 

AFAIK, no further announcement from CASHAA about their crypto banks so we can see what kind of banking service they are going to offer to the people.

But the word bank is the positive sign since RBI is against crypto so they are convincing RBI to have regulations for cryptos and it can ease the pain of account getting frozen for no reason after that.

[libert19]

I'm bit skeptical about it since recent cashaa's BTC hack, it's a good initiative nonetheless.