Cryptocurrency bank plans India operations, takes cooperative route to get around RBI rules

Monday, 19 July 2021Newsdesk

At a time when the Reserve Bank of India (RBI) frowns on private virtual currencies, the proposal of cryptocurrency bank Cashaa to launch banking operations in India for customers of virtual currencies like Bitcoin from August, through the credit co-operative society route, has raised eyebrows in financial circles.

New Delhi, 19 July 2021

As per news report of The Indian Express, Cashaa says it has launched Unicas, the world’s first crypto-friendly financial institution with physical branches in India in association with the United Multistate Credit Co-operative Society. It allows services for both crypto and fiat (currencies) from a single savings account, Cashaa founder and CEO Kumar Gaurav said.The “bank” has ambitious plans to extend loans to buy cryptocurrencies and open savings accounts for customers. The government is also planning to bring in a law to regulate cryptocurrencies.

Source -The Indian Express