September 28, 2021

Crypto bank opens physical location in India’s capital as potential regulatory ban looms

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India’s Unicas crypto bank opened its third physical branch last week in New Delhi. Previous locations were launched in Jamnagar and Jaipur.

Unicas reportedly allows customers to access fiat and crypto services at the bank and provides digital loans using crypto holdings as collateral. The bank aims to launch 50 branches across the country by the end of the year and 50 more by the end of 2022.

Its plans may be stifled, however, due to a crypto bill that is awaiting consideration in India’s parliament. The Cryptocurrency and Regulation of Official Digital Currency Bill is intended to “prohibit all private cryptocurrencies” while also creating a regulatory framework for a digital rupee issued by the Reserve Bank of India. However, the bill also says it will allow for “certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

In an earlier statement to Cointelegraph, Cashaa CEO Kumar Gaurav said “there is no way any government” can ban crypto given its nature as a global, decentralized system. However, he opined that the Indian government is attempting to crack down on crypto scams with the proposed ban.

“The government is onlyTitle: Crypto bank opens physical location in India’s capital as potential regulatory ban looms
Sourced From: cointelegraph.com/news/crypto-bank-opens-physical-location-in-india-s-capital-as-potential-regulatory-ban-looms
Published Date: Mon, 01 Mar 2021 16:30:00 +0000