Monday, May 16, 2022

Indian crypto industry expanding, regulators seem reluctant to engage By Cointelegraph

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Indian crypto industry expanding, regulators seem reluctant to engage

The people of India are awaiting access to crypto banking services, as British-based fintech firm Cashaa has collaborated with India’s United Multistate Credit Cooperative Society to launch a crypto-centric banking company called Unicas that will initially open 34 branches in Northern India and plans to have expanded to 100 branches by next year.

Considering that India is largely a savings-driven economy, Unicas will also offer crypto saving accounts that pay interest on deposited crypto. This could act as a catalyst for co-operative credit societies in India to enter the market and make the most of this opportunity.