Crypto Bank Unicas, a joint venture between Cashaa and the United Multi State Credit Cooperative Society, has expanded its business by opening another physical branch. The bank expects the Indian government to introduce positive crypto regulation and not completely ban cryptocurrencies like Bitcoin.
New branch of Physical Crypto Bank opened in New Delhi
The physical crypto bank Unicas has opened another branch, Cashaa announced last week. Unicas is a joint venture between the crypto banking platform Cashaa and the United Multistate Credit Cooperative Society. Considering this will be the first of many stores in town, the announcement reads:
Unicas – the world’s first crypto financial institution with physical offices, opened today in the Indian capital, New Delhi. Unicas is counting on the Indian government to introduce a bill authorizing the legitimate use of cryptocurrency.
“We are proud to bring Unicas to the country’s capital,” commented Dinesh Kukreja, CEO of Unicas. “Delhi is a key market for us and we look forward to opening many branches to serve India’s fast growing crypto market in a regulated manner.”
The new office is located at 611 A Devika Tower, Nehru Place, New Delhi 110019. This location is just a short drive from the Indian Parliament. The bank is headquartered in Jaipur and currently has another branch in Gujarat. According to Cashaa:
Unicas will continue to expand its offices in NCT, Gujarat and Rajasthan. It is planned to open 50 branches by 2021 and 100 branches by the end of 2022.
Kumar Gaurav, CEO of Cashaa said:
We are very confident that the government will put in place regulations that will reduce cryptocurrency-related fraud while promoting lawful use. Such regulations will allow India to become a world leader in blockchain technology.
The Indian government is preparing for the introduction of the cryptocurrency bill. The aim is to create a legal framework for the issuance of the digital rupee by the Reserve Bank of India (RBI), but to ban private cryptocurrencies. The Treasury Department recently confirmed that the bill is still being finalized. Meanwhile, the central bank governor announced last week that the bank was working on the digital rupee and shared its concerns about cryptocurrencies with the government.
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