Posted 3 years ago | by Ben Armstrong
Cashaa provides Banking Solution for Indian Crypto Owners
Indian crypto owner facing banking restrictions imposed by the country’s central bank, the Reserve Bank of India (RBI), is being provided a solution by banking services platform Cashaa. The platform will allow any qualified user to deposit around $140,000 USD per month.
Founded in June 2016, Cashaa offers personal and business accounts and a large number of its users in India. Users can purchase cryptocurrencies by using credit or debit cards, deposit funds via bank transfer in over 200 countries, and withdraw funds in users’ local currency.
Cashaa’s Banking Solution
Cashaa announced last Monday that it will start allowing users to use Indian Rupees (INR) this week, and this development will likely be welcome to Indian crypto users, who have few other banking options at the moment. The Indian government has been slow to allow the use of cryptos, though its stance has been less harsh than nations like China.
Cashaa cofounder Janina Lowisz commented, “People can buy BTC, ETH and our own token CAS with INR so far.”
Cashaa’s financial services can only be accessed with its native token, called CAS. CEO Kumar Gaurav said earlier this month that users will enable this (to buy crypto with INR) service for Indian residents who have at least 2,500 CAS in their Cashaa wallet.
Banking Restrictions and Regulatory Uncertainty
The RBI banned financial institutions from providing services to businesses dealing in cryptocurrencies effected in July last year, which is a de facto ban on the use of cryptos for commercial purposes.
Indian banks also closed accounts of numerous crypto exchanges, forcing some of them to shut down. Some crypto exchanges responded to the RBI ban by launching exchange-escrowed peer-to-peer (P2P) trading.
The court is expected to resume hearing the writ petitions on Nov. 19, as numerous legal actions have been taken to defend the rights of Indians to use cryptos.
Cashaa announced that they worked to provide a solution to user in India ever the ban.
The India government is considering a draft bill that seeks to ban all cryptocurrencies except state-issued ones and this bill may be introduced in the next session of parliament.
However, many people in the Indian crypto community are heavily campaigning to convince the government to reevaluate the recommendations in the bill because they believe the bill is flawed.