Re: India Will Soon Have Crypto Banking at 22 Physical Locations
Let's see how this goes. I am not too excited because I have my worries 
The only good use I see of these "banks?" is easy buying/selling of crypto. That is if they offer good price and don't charge too much for the transaction (Even the banks are now charging for all transactions(some banks ie for now)). Which would make it convenient for people to buy/sell crypto for cash.
Other than that. I don't need a crypto savings account, I can just save my crypto on a piece of paper and I'd rather sell my gold and crypto than have them pawned.
But I suppose it would be compulsory to keep an account active if you want to trade crypto in these institutions and maintain a MAB maybe? Will they offer FDs too? What about rate of interest? Are they going instantly convert crypto deposits to fiat? Otherwise how will they manage the volatility?
Also, I don't know if funds stored in Credit Cooperative Societies come under the DICGC's insurance?
The only good use I see of these "banks?" is easy buying/selling of crypto. That is if they offer good price and don't charge too much for the transaction (Even the banks are now charging for all transactions(some banks ie for now)). Which would make it convenient for people to buy/sell crypto for cash.
Other than that. I don't need a crypto savings account, I can just save my crypto on a piece of paper and I'd rather sell my gold and crypto than have them pawned.
But I suppose it would be compulsory to keep an account active if you want to trade crypto in these institutions and maintain a MAB maybe? Will they offer FDs too? What about rate of interest? Are they going instantly convert crypto deposits to fiat? Otherwise how will they manage the volatility?
Also, I don't know if funds stored in Credit Cooperative Societies come under the DICGC's insurance?
AFAIK, no further announcement from CASHAA about their crypto banks so we can see what kind of banking service they are going to offer to the people.
But the word bank is the positive sign since RBI is against crypto so they are convincing RBI to have regulations for cryptos and it can ease the pain of account getting frozen for no reason after that.