Cashaa, a UK based crypto banking platform announced to offer banking solutions for the Indian crypto community on the occasion of Diwali, one of the major religious festivals in India.
Although India’s Central banks have restricted all banks from serving its solutions to crypto-related transactions since 2017, country’s crypto enthusiasts can still access cryptocurrencies via P2P crypto exchange such as WazirX, CoinDCX, LocalBitcoins and other platforms. Notably, the banking ban had eventually resulted in a closure of various crypt trading platforms in India including Zebpay, Koinex crypto exchanges. However, Cashaa’s new update is likely a new solution for the Indian crypto enthusiasts for purchasing cryptocurrencies via fiat money, Indian Rupees.
As per the Cashaa’s new feature announced recently, users can deposit up to 1 Crore rupees every month to purchase cryptocurrencies. Cashaa will offer such banking service from October 23 on the occasion of India’s one of the biggest festivals Diwali. The announcement elaborates it as follows;
On the occasion of Diwali, an Indian festival for wealth and prosperity, Cashaa will be enabling INR deposits and purchases of crypto in India for Indian residents, up to 1 crore INR per month.
Moreover, as per the Cashaa cofounder Janina Lowisz, Indian crypto enthusiasts can buy BTC, ETH and Cashaa’s own token CAS using INR. nevertheless, it also said that the company will add BCH by Christmas this year.
It’s worth noting that the official website of the company is currently showing the maintenance issue but the company’s CEO Kumar Gaurav had previously said that Cashaa’s banking service will be accessible by only those who have at least 2500 CAS in their Cashaa wallet.
If everything goes well, the Indian crypto industry will have alternative solutions to buy crypto via INR until the country officially announced its decision on the cryptocurrency’s legality in India.
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