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British fintech company opens branches for physical crypto banks in India

October 27, 2020

According to an announcement dated October 26th published by Cashaa, The fintech company will partner with the United Multistate Credit Cooperative Society from India to build an easy to understand financial institution called UNICAS. This new company is apparently included 34 “Physical Offices and Operations” in Northern India, including the cities of Delhi and Gujarat and Rajasthan State. However, the fintech company announced that it plans to expand on 100 physical branches “where users can access cryptocurrency products” next year.

Earlier this month Cashaa India announced that it would enable companies and individuals in India to open a savings account to buy, store and store cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP and the native token CAS. The company will also reportedly allow customers to use their cryptocurrency holdings as collateral to apply for loans and purchase cryptocurrencies using the local currency.

Furthermore, Cashaa stated that he will be converting The United’s existing headquarters into educational centers to promote cryptocurrency knowledge.

British fintech company opens branches for physical crypto banks in India
British fintech company opens branches for physical crypto banks in India

“Most Indians are unfamiliar with cryptocurrencies as an online product, or are misinformed and tend to trust what they see or what the government recognizes and recommends.” said the CEO of Cashaa, Kumar Gaurav. “India remains a cash-based economy despite the demonization campaign. We want to address both issues that hamper the process of adopting cryptocurrencies.”

Several pieces of news circulated in September claiming this The Indian parliament was considering a bill to ban cryptocurrencies six months after the courts lifted an earlier general ban. However, when the Indian Parliament met during its monsoons session last month, Apparently, no regulator had proposed bills requiring such a ban.

Siddharth Sogani, Founder of the Indian blockchain research company Crebaco, tagged messages calling for a new crypto ban as “clickbait”. The CEO of Cashaa He also stated that he believed that News from the media of a possible ban has been speculative and that regulations for Cashaa India are most likely not to be an obstacle to offering crypto asset services to its users. The next meeting of the Indian parliament is planned for November this winter.