Unique, a joint venture between the Indian cryptocurrency e-banking platform Cashaa and the United Multistate Credit Co-op Society, has opened a branch for e-banking in physical cryptocurrency in Jaipur (India).
In October, Multistate announced its offers Online and physical cryptocurrency banking services in its 34 locations in North India.
Users can access both fiat money and cryptocurrency services at the bank. Unicas will also provide instant digital loans with cryptocurrencies as collateral.
According to a blog post by Cashaa on December 28th The physical branch of the cryptocurrency bank in Jaipur is part of an initial rollout at 14 locations in three states by the end of January 2021. JV Unicas is also working to have a total of 100 branches by 2022.
For the CEO of Unicas, Dinesh Kukreja, By setting up branches for physical cryptocurrency banks, the company can offer tailored crypto investment products to the local Indian market. With a savings account at Unicas, Customers can conduct transactions in both virtual currencies and Indian rupees.
The Cashaa CEO commented on the news, Kumar Gaurav described the step as a necessary development on the way to the establishment of a “digital India”. Gaurav also announced that Unicas will demonstrate the convenience and security of blockchain adoption.
Despite regulatory uncertainties, the adoption of cryptocurrencies in India is increasing, especially in the area of peer-to-peer trading. The government is reportedly planning to tax Bitcoin transactions.
Don’t stop reading: