Crypto Bank Expands in India — Confident Government Will Approve Legitimate Use of Cryptocurrencies
Crypto bank Unicas, a joint venture between Cashaa and United Multi State Credit Cooperative Society, has expanded its operations by opening another physical branch. The bank believes that the Indian government will introduce positive crypto regulation and not impose an outright ban on cryptocurrencies such as bitcoin.
New Physical Crypto Bank Branch Opens in New Delhi
Physical crypto bank Unicas has opened another branch, Cashaa announced last week. Unicas is a joint venture between crypto banking platform Cashaa and United Multistate Credit Cooperative Society. Noting that this will be the first of many branches in the city, the announcement details:
Unicas – the world’s first crypto financial institution with physical branches today opened in India’s capital, New Delhi. Unicas is banking on the Indian government introducing a bill to approve the legitimate use of cryptocurrency.
“We are proud to bring Unicas to the nation’s capital,” Unicas CEO Dinesh Kukreja commented. “Delhi is a key market for us and we look forward to opening many branches to service India’s rapidly growing crypto market in a regulated manner.”
The new branch is located at 611 A Devika Tower, Nehru Place, New Delhi 110019. This location is a short drive from the Parliament of India. The bank is headquartered in Jaipur and currently has one more branch located in Gujarat. According to Cashaa:
Unicas will continue to roll out its branches across NCT, Gujarat and Rajasthan. It plans to open 50 branches in 2021 and 100 branches by the end of 2022.
Cashaa CEO Kumar Gaurav opined:
We are very confident that the government will create regulations that will reduce scams related to cryptocurrency, while encouraging its legitimate use. Such regulations will enable India to become a global leader in blockchain technology.
The Indian government is getting ready to introduce the cryptocurrency bill. It seeks to provide a regulatory framework for the digital rupee to be issued by the Reserve Bank of India (RBI) but ban private cryptocurrencies. The finance ministry recently confirmed that the bill is still being finalized. Meanwhile, the governor of the central bank revealed last week that the bank is working on the digital rupee and has communicated its concerns about cryptocurrencies to the government.
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