Cashaa intends to increase the number of crypto banks in India to 100 after the initial launch.
Earlier this month, FinTech introduced a neo-bank in India to promote the introduction of crypto-banks.
Per Cashaas CEO, Kuman Gaurav, most Indians are misinformed about crypto-currencies.
Cashaa, a UK-based online banking platform dealing with crypto and Fiat, has teamed up with an Indian bank called the United Multistate Credit Cooperative Society. FinTech unveiled the news on October 26th, and indicated that it would establish a crypto-friendly financial institution called UNICAS as part of this partnership. It is reported that the company and the bank will open 34 physical branches and operations in Northern India as part of this project.
According to one report, the company will distribute the banks in different cities and states. For example, there will be branches in the cities of Delhi and Gujarat and in the state of Rajasthan. However, the 34 physical bank branches are only part of the initial rollout, as the company plans to expand to 100 locations by 2021. In this way, Cashaa and the United Multistate Credit Cooperative Society aim to provide easy access to crypto products for the citizens of India.
Cashaa’s announcement to join forces with the Indian Multistate Credit Cooperative Society marks the latest development in the company’s efforts to expand into India. Earlier this month, the company established a neo-bank in the country. According to the company’s CEO, Kuman Gaurav, Cashaa India has created a gateway for Indian companies and individuals to open savings accounts, purchase, store and save various crypto coins, including BTC, ETH, XRP and CAS, the company’s domestic abbreviation.
Urging for the introduction of mass crypto
Apart from allowing its users to purchase, store and recover cryptography, Cashaa is said to have promised its customers to use its cryptographic assets as collateral for loans. In addition, the company stated that it would allow its users to purchase crypto in their local Fiat currency. Gaurav continued that the opening of physical branches in India would integrate the existing UK branches into crypto training centers.
Gaurav explained why it was important to open physical crypto bank branches in India, Gaurav said,
“Most Indians are unaware or misinformed about crypto-currency as an online product, and they tend to trust what they see or what the government recognizes and recommends. India is still largely a cash economy, despite demonetization. We intend to address both problems that slow down the process of introducing the crypto currency”.
India’s Fluctuating Attitude to Crypto Currency
This news follows a report that revealed that the Indian federal cabinet is considering enforcing a crypto-currency ban law. According to reports, Indian courts had lifted a general ban on crypto space six months before the news was revealed. Nonetheless, no regulator presented legislative proposals to enforce such a law at the session of the Indian Parliament during last month’s monsoon session.