Cryptocurrency Bank Planning to Start Operations in India! This way out to avoid RBI

New Delhi. There are reports that the cryptocurrency bank Cashaa in India has started banking operations in India. A proposal has also been given for this, due to which the senior executives associated with the financial sector themselves are surprised. This is because the Reserve Bank of India (RBI) has already shown displeasure regarding the trading of cryptocurrencies, even after that, certain efforts are going on. It is being told that to avoid the rules of RBI, it has planned to take the route of Credit Co-operative Society. Cashaa said that it has launched Unicas related to the business of crypto with a physical branch in the country. For this, partnership has been done with United Multistate Credit Co-operative Society. Its founder and CEO, Kumar Gaurav said that through this, services for crypto and currency can be provided from a savings account.

No need to take permission from RBI

When asked about taking permission from RBI for this, he said that it is a multistate cooperative society which is registered under the Registrar of Societies. In this, services are provided only to the members and due to this there is no need to take permission from RBI. A source associated with the banking sector said about this that its promoters are using credit cooperatives so that they can escape from the strict rules of RBI. It will not get banking license from RBI.

Also read – After Dogecoin, Ethereum’s co-founder also left the cryptocurrency industry, know the whole matter

The government is also considering bringing a law

However, this society can lend to its members. This may pose a risk to the financial system. Cashaa plans to provide loans to customers and open their savings accounts to buy cryptocurrencies. The government is also considering bringing a law to regulate cryptocurrencies.

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