While the banking system is digitalised around the world, the cryptocurrency one is about to have its first physical branch. This is the feat that the Cashaa cryptocurrency platform has just achieved with the partnership of the United Multistate Credit Co-op Society. The agency in question was launched in Jaipur, India and is expected to expand into the country with the goal of reaching 100 branches by 2022. A bold idea on the part of promoters in a country where cryptocurrency regulations are still unclear.
A bank that provides both fiat and cryptocurrency services
During last October, Multistate announced plans to offer crypto banking services both online and at its 34 locations located in northern India. It is now done thanks to Unicas, a box assembled in partnership with Cashaa. With a first agency open to Jaipur, the bank will now be able to offer customers fiat and cryptocurrency services. This unprecedented initiative in the world is just the first phase of a deployment of 14 sites across three states by the end of January 2021.
Each of its agencies should also offer customers instant digital loans with cryptocurrency as collateral. Thanks to their accounts hosted at Unicas, they will be able to easily transact in crypto currencies and Indian rupees. An opportunity that will allow Dinesh Kukreja, the CEO ofUnicas, of offer personalized crypto investment products to the local Indian market. The company also aspires toopen no less than 100 branches by 2022 to effectively stimulate this market.
A way to better educate and sensitize the Indian population to cryptocurrencies
CEO of Cashaa, Kumar Gaurav explained that this was a way to get more Indians to use cryptocurrency and discover its benefits. “India is a very social and family country where the financial decision is made by the head of the family, who is mainly in the 40-65 age group. This is why we have decided to open a minimum of 100 branches that will build confidence in crypto, but also educate and raise awareness of crypto ” did he declare.
He then felt that this initiative was necessary to achieve the ideal of a digital India where access to financial resources would become easier for all. Mr. Gaurav also ensured that each of theUnicas would highlight the convenience and security associated with adopting blockchains. So far, only the government’s plan to impose taxes on Bitcoin transactions appears to be a major obstacle to the success of the initiative.
With Bitcoin’s peer-to-peer transaction volume set to exceed China’s, India is seeing an increase in interest in cryptocurrencies in 2020. The success of this initiative should make it possible to further democratize them and make the country a stronghold in the crypto space.