When the Reserve Bank of India (RBI) is skeptical of cryptocurrencies, Cashaa, a London-based banking platform, has suggested opening banking operations in India for cryptocurrency users such as Bitcoin in August utilizing the credit co-operative society approach.
In collaboration with the United Multistate Credit Co-operative Society, Cashaa claims to have created Unicas, the world’s first crypto-friendly banking institution with operational branches in India.
Cashaa founder and CEO Kumar Gaurav explained that it offers both crypto and fiat currencies from a single savings account.
According to Gaurav, Cashaa will offer debit cards, loans against cryptocurrencies, and loans for acquiring cryptocurrencies in addition to personal bank accounts.
Gaurav added that the business is already in discussions with domestic cryptocurrency exchanges and hopes to acquire five million customers.
This quarter, cryptocurrency investments in India rose by 19,900%, from $200 million to $40 billion. Indian cryptocurrency exchanges, on the other hand, have been denied financial services authorization.
Indian banks are wary about cryptocurrency transactions, arguing that RBI has no clear regulation to guide them. As a result, cryptocurrency investors continue to experience difficulties in financial transactions, with nearly all large banks refusing to allow such transactions.
Many cryptocurrency exchanges are thinking about different ways to help their customers. These include using UPI or developing their gateway solutions.