The Crypto industry in India is growing at a rapid pace. There has been exceptional development going on in India with regard to cryptocurrency. As per the latest news, it has been confirmed that soon India will be launching crypto service centers. These centers will facilitate customers in providing them with financial as well as crypto services.
Cashaa, a cryptocurrency platform operating in India, confirmed the news this Tuesday in a blog post. Cashaa told that a Joint Venture Agreement has been entered into with United Multi State Credit Cooperative Society (UMSCCS). Under the JV Agreement, UMSCCS will be responsible for providing cryptocurrency-related services alongside traditional financial services to Indian customers. For this purpose, physical sites will be established in at least 22 locations situated in the northern parts of India.
It is said that UMSCCS will start its working on the project in the month of December this year. Once the initial-phase branches are established, then UMSCCS has proposed to launch 100 more sites by the end of 2022.
Cashaa is the leading cryptocurrency exchange platform of India and is a sister concern of a UK based crypto exchange firm.
Cashaa told the news that the project was in its mind for a long time. However, it only looked possible when a Dubai-based investment firm helped it raising funds worth around US$ 5 Million.
Under the JV Agreement between UMSCCS and Cashaa, a JV company under the name “UNICAS” will be established in India. UNICAS will provide services such as crypto saving accounts. Apart from that loans can be availed of on the basis of gold and cryptocurrency as well as property. Customers of UNICAS will also be able to sell and purchase cryptocurrencies and can bring in funds for investment purposes.
When UNICAS will start its operations, initially six major cryptocurrencies of the world will be made available for trading. These digital currencies include Bitcoin, Ether, Litecoin, Bitcoin Cash, and XRP. Keeping in view the growing popularity of tokenized crypto worldwide, Binance’s coin (BNB) will also be made available for trading.
The blog post also told me that UMSCCS already has a license. Therefore it will not be required to obtain a fresh license from the Indian regulator.
Dinesh Kukreja, who is the Managing Director of UMSCCS will be the Chief Executive Officer of UNICAS. He said that it is time to let Indians have a fair piece of share in the world’s most lucrative business. He also told that the project will enable UMSCCS to introduce customized crypto and financial products into Indian local markets.
However, the past history of the crypto industry is not a good one in India. Earlier the Indian Central Bank had imposed a ban on the crypto business. Resultantly various crypto-exchange firms were forced to shift their offices outside India. A round of litigation then started between the regulator and crypto-exchange firms. The case went up to the Indian Supreme Court which, in April 2020, suspended the ban.
The rumors of the imposition of another ban by the regulator are still haunting the crypto industry in India.