Banking platform Cashaa is launching in India. Among the many crypto-based services and tools the company plans to offer users include crypto savings accounts, loans for purchasing bitcoin and other forms of digital assets, card services, and lending against crypto.
Cashaa Is Unveiling All Its Latest Crypto Offerings
All this might sound dandy. There is just one problem… The state of crypto in India is very up and down at the time, and it is unclear if Cashaa will even be able to provide such services for long.
In India, bitcoin and cryptocurrency has not always been a steady industry. The country initially decided in 2018 that banks and financial services could not offer goods and services to any business delving in bitcoin and blockchain. While assets themselves were allowed, in a rather indirect sense, bitcoin and cryptocurrency companies were not.
This later changed when the country’s Supreme Court decided that the maneuver was unconstitutional. It was deemed that these companies had every right to financial services, and thus the ban was reversed. It was then believed that India would enter a whole new phase – one that would see the country as one of the biggest and most prominent crypto spaces in the world.
Sadly, this may not happen given that India’s Parliament is looking into a potential ban of all cryptocurrencies within the nation’s borders. Should this occur, it is unlikely Cashaa and businesses like it will be given permission to remain in play.
However, there is hope in that the company’s chairman of the advisory board Kumar Gaurav says that Cashaa’s status as a “multi-state cooperative society” bars it from requiring the permission of India’s central bank to operate as it does. Thus, it looks like it can maintain its presence in the crypto space… At least for now. He says:
As we give services to members only, we do not need the RBI’s permission for this model.
In any case, Cashaa does not seem all that worried given that it is now rolling out a whole enterprise of crypto-related services and tools for investors to take advantage of. In a statement, the company said:
We planned to release it during independence week as a symbol of the freedom of money. We will start issuing cards to account holders by the end of this year.
A Dangerous Time for Crypto Fans?
Many private and public banks in India have seemingly warned their customers about the dangers associated with trading cryptocurrencies given the unstable nature of the country. Cashaa mentioned:
Recently, Indian banks appear to be cracking down on crypto and exchanges even though India has not formally banned cryptocurrencies. Indian crypto exchanges are struggling to keep fiat coming in as banks are halting transfers to crypto-related accounts. As a result, these exchanges are now turning to Cashaa to maintain their fiat services.