India has a huge potential when it comes to cryptocurrencies, private and governmental organizations should join forces to reach this goal. It makes sense as in the second-most populous country it won’t hard to find people who are willing to embrace cryptocurrencies. It is worth noting that, Indian bank United Multistate Credit Cooperative Society is planning to expand its banking services by adding cryptocurrencies as well as cryptocurrency products. This bank in cooperation with the crypto banking service provider Cashaa established a joint venture dubbed UNICAS.
The aim of this joint venture is to provide both online crypto banking services as well as walk-in services across its 34 physical branches in northern India.
It is worth mentioning that, bank’s and Cashaa’s collaboration comes amid India’s uncertain crypto regulations. As a reminder, in March the Supreme Court of India ruled in favor of the crypto industry.
The country’s central bank imposed a blanket ban on banks’ dealings with crypto businesses back in April 2018. The Internet & Mobile Association (IAMAI) of India brought that case before the court. It is worth noting that, IAMAI is a non-profit industry body. Members of this non-profit industry body include Yahoo! India, Apple, Unicoin, Etsy, and eBay. Despite this ruling, most banks are still skeptical of providing services to crypto companies as well as dealing with dealing in digital currencies.
Indian bank and crypto industry
Indian bank United Multistate Credit Cooperative Society made the right decision. Thanks to its joint venture with crypto banking service provider Cashaa, it will be easier to expand its services. Importantly, UNICAS will allow the account holders of this bank to integrate cryptocurrency wallets directly with their accounts.
People should take into account that, customers will be able to directly buy Bitcoin, Ether, Ripple, and Cashaa, by paying either in cash or directly from their account. Moreover, when UNICAS, the Indian bank will also allow its customers to take out loans against cryptocurrencies.
Interestingly, many Indian cryptocurrency exchanges reported a spike in their crypto trading volume to the tune of 200% to 400%. This fact once more underlines that despite uncertainty regarding the regulations, people are willing to embrace cryptocurrencies. Importantly, UNICAS will help to spread reliable information about cryptocurrencies to the population.
Cryptocurrencies have the potential to help the local population. Other banks across the country should pay more attention to cryptocurrencies. However, without solid crypto regulations, it will be more difficult to develop this industry.