Cashaa, a British fintech firm, has announced a partnership with the United Multistate Credit Cooperative Society of India. The partnership will be formed to develop the crypto-friendly financial institution UNICAS. However, the new venture will initially include 34 physical branches and operations based in northern India. But, by the next year, it has planned to expand it up to 100 physical branches, which will help the users to access crypto products.
Cashaa Will Provide Savings Account for Cryptocurrencies
By October 2020, Cashaa will offer a savings account for the users that will help to buy and store cryptocurrencies. This will also allow the customers to buy cryptocurrency through local fiat currency. Along with this, the users will also be able to use their crypto holdings as loan collaterals. The firm is also planning to build the crypto education centers in the existing location of the United Multistate Credit Cooperative Society.
Kumar Gaurav, CEO of Cashaa, had stated that people in India are not well aware of cryptocurrency and tend to stick to the traditional system. The firm needs to work really hard to increase crypto adoption in the cash-based economy.
Law For Banning Crypto in India
Back in September 2020, there were reports that the Indian federal cabinet was planning a law to ban cryptocurrency. By the starting of this year, the Supreme Court of India had lifted the long-imposed ban by the Reserve Bank of India (RBI) on cryptocurrency. During this time, the crypto industry saw some huge opportunities to flourish in India. However, this news again raised several doubts in the Indian crypto industry. There have not been any official statements regarding any proposal of the bill for this ban yet. Hence, at the moment there is nothing to be worried about. This partnership formed by Cashaa is going to improve crypto adoption in India.