India to Introduce Physical Cryptocurrency Bank Branches
India has been rapidly adopting the changes in the digital world and introducing physical banks for cryptocurrencies is one of the advancements. On October 26, it announced a venture with a British fintech firm ‘Cashaa’ for crypto banks. India’s United Multistate Credit Cooperative Society will partner with the British fintech company for establishing a crypto-friendly bank called UNICAS. According to the reports, this venture will include 34 physical branches and operations in the north of India. Furthermore, the fintech merchant is planning to expand the network to 100 branches by 2021. Users will have access to all the crypto products through these branches.
Cashaa CEO Kumar Gaurav stated the fintech firm would continue to expand operations by opening crypto education centers and banks https://t.co/skbdVIJM6r
— Cointelegraph (@Cointelegraph) October 26, 2020
At the beginning of 2021, the Reserve Bank of India (RBI) approved the video KYC process for secure and swift customer onboarding. Later, the bank also enforced stringent regulations, and all financial institutions and insurance companies have to comply with the laws. India has opened gates for many technological advancements; therefore, it has become a golden sparrow for international enterprises. India’s venture with Cashaa is one of the highlights of its adaptability toward betterments in the digital world.
In addition to the establishment of UNICAS, Cashaa has allowed Indian organisations and individuals to open accounts for storing, buying, and saving cryptos including Bitcoin, XRP, Ethereum, and the native token CAS. The crypto can be used as collateral for loans as well as for buying fiat currency.
Read more about India’s video KYC: Video KYC: The New Normal in the Insurance Industry