Crypto Bank Expands in India — Confident Government Will Approve Legitimate U...
Crypto bank Unicas, a joint venture between Cashaa and United Multi State Credit Cooperative Society, has expanded its operations by opening another physical branch. The bank believes that the Indian government will introduce positive crypto regulation and not impose an outright ban on cryptocurrencies such as bitcoin. New Physical Crypto Bank Branch Opens in New Delhi Physical crypto bank Unicas has opened another branch, Cashaa announced last week. Unicas is a joint venture between crypto banking platform Cashaa and United Multistate Credit Cooperative Society. Noting that this will be....
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Last December, the Reserve Bank of India (RBI) issued a warning on digital currencies noting that the bank had not yet authorized any organisation in India to use cryptocurrencies as a method of payment. As a result, several bitcoin exchanges in India suspended operations, and at least two were raided by government officials, including Buysellbitcoin.in. Yet, just days later, a deputy governor of the RBI seemed reluctant to concede that it was the bank's job to regulate digital currencies. Soon after, one exchange, Unocoin, was back in operation. Additionally, around this time, Bitcoin....
India’s central bank governor Shaktikanta Das has revealed that the bank has “major concerns” about cryptocurrencies, and it has informed the government of them. He expects that the government will soon make a decision on cryptocurrency. Meanwhile, the Reserve Bank of India (RBI) is giving its full attention to the digital rupee. RBI Has Major Concerns About Cryptocurrencies The governor of India’s central bank expressed concerns over the possible impact made by cryptocurrencies on the country’s financial stability and the economy Wednesday. In an interview....
The Indian government has told parliament that it does not have a plan to issue cryptocurrency to be regulated by the central bank, the Reserve Bank of India (RBI). The government also clarified that India’s central bank digital currency (CBDC), that the RBI will launch this financial year, is “a digital version of traditional paper currency.” Indian Parliament Asks Government About ‘RBI Cryptocurrency’ The Indian ministry of finance answered some questions Tuesday in Rajya Sabha, India’s upper house of parliament, regarding “RBI....
The governor of the Reserve Bank of India (RBI), Shaktikanta Das, has once again expressed concerns regarding the impact of cryptocurrencies on India’s financial stability. Crypto Presents ‘Serious Concerns’ to RBI The Indian government is currently awaiting the Cabinet to take up the crypto bill. However, the country’s central bank, the Reserve Bank of India (RBI), still has major concerns about cryptocurrencies. Governor Shaktikanta Das reportedly said Wednesday: We have serious, major concerns on cryptocurrency with respect to financial stability, [and] have....
Major Indian bank ICICI has asked customers not to use the Reserve Bank of India (RBI)’s liberalised remittance scheme (LRS) for any crypto-related investments. ICICI, a leading private sector bank in India, has updated its retail outward remittance application to include cryptocurrency. With this update, the bank has asked its customers to declare under India’s Foreign Exchange Management Act 1999 (FEMA) that they will not use the Reserve Bank of India (RBI)’s liberalised remittance scheme (LRS) for any crypto-related investments. The bank’s declaration states:....