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October 4, 2022
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Bitcoin

– Bitcoin, cryptocurrencies and blockchain technology.

Indian bank Unicas claims to be the first cryptocurrency financial institution to open a physical branch where users can make both cryptocurrency and fiat transactions.

Unicas is a bank of the XXI century.

The Unicas physical branch in Jaipur has just been opened.

Unicas is a joint venture. The partners are the startup Cashaa and the financial services company United Multistate Credit Cooperative Society. The bank, founded by both entities, allows clients to make transactions in cryptocurrencies and Indian rupees (INR). All with one account.

Users can also get instant loans via the bank. How? All they have to do is deposit their cryptocurrency assets in a Unicas wallet and ask to deposit the equivalent in rupees on their card or bank account.

Cashaa CEO and founder Kumar Gaurav says that in addition to offering financial products and services such as savings accounts, cryptocurrency trading and debit cards, Unicas helps clients learn more about cryptocurrencies.

– Unicas also provides information and guidance on the level of convenience and security that blockchain technology offers – he explained.

Cashaa claims that Unicas will open 14 more branches in January, as it plans to serve 25,000 customers in the first quarter of 2021. The bank plans to expand to 100 branches by 2022.

Cryptocurrencies in banks

Of course, the very idea of ​​keeping cryptocurrencies in banks raises controversy, but such a vision may prove to be a more interesting alternative than keeping funds on exchanges by less advanced Bitcoin users.

Note that the authorities, e.g. from the USA and Germany, already allow the depositing of clients’ cryptocurrencies in banks. Also, Polish MP Przemysław Koperski recently asked the Polish government whether it plans to introduce such regulations in our country.

In his interpellation he wrote:

“The market problem remains the lack of investors’ awareness of the safe storage of cryptocurrencies. Most investors still deposit them on stock exchanges. When these fail, customers lose funds, as we have already seen with the Japanese Mt. Gox or the Polish Bitmarket. Cryptocurrencies should be kept in their owners’ wallets / accounts. Unfortunately, most of the latter still ignore this fact. An alternative is to regulate the banking system in such a way that users of e.g. bitcoin can deposit their digital assets in banks. “

Therefore, he asked the Polish authorities to answer the question whether “The Ministry of Finance and the Polish Financial Supervision Authority plan to regulate the cryptocurrency market in such a way that investors can deposit, for example, Bitcoins in banks.”

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