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United and Cashaa Launch Unicas in India for Crypto Regulations

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As recently revealed, a joint venture between Cashaa and United, Unicas claimed to be the first crypto financial institution of the world with physical locations. It is created in order to meet the regulatory requirements in India and the latest launching of Cashaa in India will be introduced with personal account services for the same by the month of August.

Unicas, Formed by Unification of United and Cashaa to Start Operations in India

In a press release, the banking platform Cashaa addressed its plan of launching its services in India and said:

“We planned to release it during Independence week as a symbol of the freedom of money. We will start issuing cards to account holders by the end of this year.”

The company revealed in the statement their plans to introduce personal account services in India involving savings accounts for Indian currency and cryptocurrency, loans for purchasing cryptocurrency, lending against cryptocurrency, and other services.

As seen in recent times, private banks have strictly warned their customers against getting involved with cryptocurrencies even though the Supreme Court has lifted the ban on cryptocurrencies imposed by the RBI.

Crypto Exchanges Turning to Cashaa For Maintaining Fiat Services

Addressing the fact that Indian banks are laying a soft crackdown on cryptocurrencies, Cashaa said:

“Recently, Indian banks appear to be cracking down on crypto and exchanges even though India hasn’t formally banned cryptocurrencies. Indian crypto exchanges are struggling to keep fiat coming in as banks are halting transfers to crypto-related accounts. As a result, these exchanges are now turning to Cashaa to maintain their fiat services.”

As for the permissions and other necessary requirements for operating in the country, Cashaa was asked whether it has acquired permission from central banks, to which, Kumar Gaurav, the Chairman of Advisory Board of Cashaa responded:

“As we give services to members only, we do not need the RBI’s permission for this model. United is also a member of the National Federation of Urban Co-operative Banks and Credit Societies Ltd (NAFCUB) vide membership No. 1753 and certified with ISO 9001:2008 for Quality Management Systems.”  

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#Cashaa #Crypto regulations #UNICAS #United

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Source: https://www.cryptoknowmics.com/news/united-and-cashaa-launch-unicas-in-india-for-crypto-regulations

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