Bitcoin News and Finance
Crypto Bank Expands in India — Confident Government Will Approve Legitimate Use of Cryptocurrencies Skip to main content

Crypto Bank Expands in India — Confident Government Will Approve Legitimate Use of Cryptocurrencies

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.

Customers will have access to a number of cryptocurrencies through Unicas, including BTC, ETH, XRP, and CAS, Cashaa’s native token.

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.

What do you think about Unicas opening more physical bank branches? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory