Indian crypto exchange services are struggling with the provision of seamless services to their people, Cashaa, a crypto bank is coming to India next month and might bring a solution to this problem.
India has seen a dramatic increase in crypto investments in the last year, with a 19,000% increase in crypto investment. India may be major news for the crypto community since it shows support from both the government and the people.
In this vein, Cashaa, a cryptocurrency bank, has announced that it will launch in India in August in the states of New Delhi, Gujarat, and Rajasthan.
In the second phase of their strategy, Cashaa has revealed intentions for expanding into Indian territory with the states of Maharashtra, Uttar Pradesh, and West Bengal.
The crypto bank could be a lifesaver for Indian crypto exchanges that are struggling to provide seamless services to their consumers due to bank non-cooperation.
To facilitate peer-to-peer trading, Cashaa will entail the introduction of personal bank accounts. Aside from that, Cashaa will offer debit cards and loans secured by cryptocurrencies, as well as loans for the purchase of cryptocurrencies in India.
“We will be coming to India next month. We will be launching personal bank accounts so that personal traders can do Peer Peer trading. Cryptocurrency traders will be able to transact without fear of their bank accounts being frozen,” said Kumar Gaurav, CEO, and Founder, Cashaa.
Despite a 2020 judgement permitting them to do so, Indian banks have declined to offer their services to crypto exchanges. The banks claim that the refusal of services is due to a lack of regulatory clearance from the government.
In a recent interview, India’s finance minister, Nirmala Sitharaman, stated that the Cabinet bill, on which a lot of work has been done, is ready.
If the crypto bill is included in the upcoming parliament session and passes, India might emerge as the crypto world’s dark horse.
“We have done a lot of work on it. We have taken stakeholders’ inputs. The Cabinet note is ready. We have to see when the Cabinet can take it up and consider it so that then we can move it. From our side, I think one or two indications that I have given is that at least for fintech, experiment and pilot projects a window will be available. The Cabinet will have to make a decision.”, said Sitharaman.