India to soon have 22 physical crypto-friendly banking branches.

An Indian banking services provider will now allow customers to transact in cryptocurrencies at its 22 physical branches. The service will be provided in collaboration with the crypto banking platform Cashaa. For the first time, society’s customers would be allowed to buy and sell Bitcoin and other cryptocurrencies in the physical branch. They will also be allowed to take loans against their crypto holdings. UNICAS is expected to launch its services in December 2020 and plans to expand rapidly to 100 branches by 2020. New branches will also help in new jobs and make work India more. 

 

Cashaa raised $5 million from a Dubai investment firm. 

Cashaa, which claims itself t be 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. UNICAS will also provide online crypto banking to users, allowing them to integrate their crypto wallets with their bank accounts. 

 

UNICAS is being run by a cooperative bank. 

UNICAS is being run by a cooperative bank regulated by the Cooperative Societies Act of 1912 and not the banking regulations. This allows them to work with more freedom compared with traditional banks in regard to cryptocurrencies. It will initially enable users to buy and sell Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, EOS, and Cashaa. The Indian Supreme Court in March this year overturned a banking ban on crypto services by the Reserve Bank of India. This cheered the crypto community but has failed to provide a clear regulatory view on cryptocurrencies. 

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