Cryptocurrency bank Unicas, a joint venture between British firm Cashaa and Indian United Multistate Credit Cooperative Society, has launched its first physical branch in Jaipur.
Unicas intends to open 13 more such branches by the end of January. In total, by 2022, it is planned to launch about 100 cryptocurrency bank branches in India , which will provide services for investing in cryptocurrencies.
At the same time, users will have access to accounts in both local fiat currency and digital assets. Cashaa CEO Kumar Gaurav called the launch of the bank’s physical branches “a necessary step” for “building a digital India.”
“India is a very social and family country. This is a country in which financial decisions are made by the head of the family, and these are usually people between the ages of 40 and 65. It is very important for this age group to see the physical and real branch of the bank before investing money. Therefore, we decided to open at least 100 branches in order to create confidence in cryptocurrencies and tell people about them, ”Gaurav said.
According to the local newspaper The Times of India, the country’s authorities are considering the issue of taxation of cryptocurrencies. Depending on the decision, residents of the country will have to pay 18% of the profit from Bitcoin trading.