Cashaa to commence cryptocurrency banking services in India

Cashaa to commence cryptocurrency banking services in India

Online cryptocurrency bank- Cashaa has reportedly announced the extension of its crypto banking services in India. The bank is likely to establish a credit co-operative society to allow customers to access services for digital and fiat currencies.

Notably, Cashaa has introduced Unicas in association with the United Multistate Credit Co-operative Society. Unicas is expected to be the world’s first financial organization that caters to cryptocurrency banking needs at physical locations.

The news comes at a time when the Reserve Bank of India has advised financial agencies to stay clear of the crypto sphere where the government is seeking to regulate these sectors.

According to Kumar Gaurav, Founder and CEO of Cashaa, the company offers services only to the members, and permission from RBI is not required. United is also a member of the National Federation of Urban Co-operative and Credit Societies and carries an ISO 9001:2008 certification for Quality Management.   

With over five banking partners spread across three continents, Cashaa is offering business banking solutions to over 250 cryptocurrency entities. Using the company’s vast network of partners, Cashaa is leading the way for crypto-friendly global banking services, Mr. Gaurav added.

Seemingly, credit cooperatives are subject to restricted regulatory procedures as compared to opening a private banking system, one of the main reasons being that the former doesn’t fall under the ambit of the RBI.  

Sources cite that Cashaa is likely to commence its services around August 15, 2021 on Indian Independence Day while the remaining banking service will be completely operational by the end of 2021.

Although cryptocurrency is not considered illegal in India, it holds a legal grey area at present. With the Reserve Bank of India not favoring digital currencies and the regional government aiming to back the central bank by banning cryptocurrencies, the future of Unicas is not yet defined.

Source Credit: https://www.cnbctv18.com/cryptocurrency/indians-to-soon-get-crypto-cooperative-bank-unicas-10035941.htm