Indian banks finally embrace crypto

  • Indian bank United Multistate Credit Co. Operative Society intends to incorporate cryptocurrencies.
  • United is working with Cashaa, the crypto banking service provider, to offer digital and walk-in services.
  • The alliance named UNICAS will authorize United’s customers to merge their cryptocurrency wallets with their accounts.

Indian bank United Multistate Credit Co. Operative Society aims to include cryptocurrencies and its products in its financial services.

United is cooperating with Cashaa, the crypto banking service provider, and has coined their alliance UNICAS. The unison proposes to offer both digital crypto banking and walk-in services in its 34 offices in northern India.

The country’s laws on cryptocurrencies remain undetermined. The Supreme Court of India recently prohibited crypto banking, which has prevented several banks from offering services to crypto enthusiasts.

UNICAS will permit United’s customers to combine cryptocurrency wallets with their accounts. They will also be able to purchase various cryptocurrencies with cash or using their account. Kumar Gaurav, chief executive of Cashaa, stated that UNICAS would shed a complementary view of cryptocurrencies and educate Indians about this burgeoning industry.

Indian banks’ strict laws on cryptocurrencies

Last month, the country that is home to various spices announced that it would forbid cryptocurrency trading. Yet, its federal government is willing to further blockchain, according to two unnamed people. This ruling would hit over 1 million Indians who invest in digital currencies and put India behind its Asian counterparts, such as China and Singapore, who are championing digital currencies.

In 2018, the Indian central bank disallowed crypto payments after a series of frauds following PM Narendra Modi’s resolution to outlaw 80 percent of its currency. Cryptocurrency exchanges took legal action and gained victory in March 2020. Despite the imminent stop to cryptocurrencies, the Indian industry remains hopeful about its implementation.

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