{"id":19083,"date":"2019-10-24T19:57:23","date_gmt":"2019-10-24T19:57:23","guid":{"rendered":"http:\/\/ci027cfe7fd00326c3"},"modified":"2019-10-24T19:57:23","modified_gmt":"2019-10-24T19:57:23","slug":"cashaa-rolls-out-bitcoin-purchasing-option-for-india","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/cashaa-rolls-out-bitcoin-purchasing-option-for-india","title":{"rendered":"Cashaa Rolls Out Bitcoin Purchasing Option for India"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><figure><img decoding=\"async\" src=\"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/cashaa-adds-bitcoin-purchasing-option-for-india.jpg\" title=\"\"><\/figure>\n<p>Cashaa, an online banking platform, is <a href=\"https:\/\/www.prnewswire.com\/news-releases\/cashaa-is-announcing-it-will-enable-its-users-to-buy-and-sell-btc-for-inr-from-23-october-2019-300942096.html\" target=\"_blank\" rel=\"noopener\">expanding<\/a> its digital wallet feature for the market in India. The platform\u2019s aim is to make it easy for Indians to buy bitcoin using the Indian rupee (INR), the country\u2019s fiat currency. To do this, Cashaa will enable fiat deposits so that Indians can send rupees into its digital wallet and then purchase BTC. <\/p>\n<p>The local deposit integration will go live on October 27, 2019; the same date many Indians celebrate Diwali, a Hindu festival of wealth and prosperity. The company has pegged the deposit limit to about 1 crore INR (about $141,000) per month for cryptocurrency purchases. Once the wallet is funded, Indians can use the funds to purchase bitcoin as well as ether and Cashaa\u2019s own token, CAS.<\/p>\n<h2><strong>Expansion of Services<\/strong><\/h2>\n<p>Cashaa <a href=\"https:\/\/bitcoinmagazine.com\/articles\/cashaa-hopes-bridge-crypto-and-traditional-finance\">launched<\/a> in 2016 with a mission to open up the financial system for the unbanked. To do this, the company runs a full suite of traditional banking and cryptocurrency services. It offers services like credit card processing, crypto-friendly business accounts and international Society for Worldwide Interbank Financial Telecommunications (SWIFT) transfers.<\/p>\n<p>The move constitutes a further improvement to what has been a rather strong year for Cashaa. In April 2019, the company <a href=\"https:\/\/bitcoinmagazine.com\/articles\/cashaa-now-accepts-debit-credit-cards-crypto-purchases\">began supporting<\/a> the purchase of supported crypto assets with major debit and credit cards all over the world, excluding the U.S. At the time, the company claimed that crypto purchases using credit cards is cheaper than the industry average.&nbsp;<\/p>\n<h2><strong>An Opening for Indian Customers<\/strong><\/h2>\n<p>This new development could facilitate cryptocurrency transactions for users in India. With over 1.3 billion people, India has an enormous market, but its regulators have been unfriendly toward cryptocurrencies.&nbsp;<\/p>\n<p>In 2018, the <a href=\"https:\/\/bitcoinmagazine.com\/articles\/blow-bitcoin-india-bans-banks-dealing-cryptocurrencies\">Reserve Bank of India<\/a> placed a ban on local banking institutions serving cryptocurrency businesses. Indian lawmakers have also <a href=\"https:\/\/bitcoinmagazine.com\/articles\/india-proposes-10-year-prison-sentence-for-crypto-use\">proposed<\/a> jail terms for citizens who conduct cryptocurrency trades in the country. As a result, several businesses have either <a href=\"https:\/\/medium.com\/koinex-crunch\/koinex-shutdown-announcement-termination-of-exchange-services-bea4a472ea79?postPublishedType=initial\" target=\"_blank\" rel=\"noopener\">shut down<\/a> or moved, while many cryptocurrency-adopting Indians have been all but stranded.&nbsp;<\/p>\n<p>Cashaa could significantly elevate the Indian cryptocurrency space by providing a safe and reliable solution for people to get their hands on their favorite assets once more. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The online banking platform Cashaa has enabled fiat deposits so that those in India can purchase bitcoin using the Indian rupee.<\/p>\n","protected":false},"author":3435,"featured_media":19084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[126,3258,1979],"class_list":{"0":"post-19083","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-india","9":"tag-reserve-bank-of-india","10":"tag-swift"},"author_data":{"id":3435,"name":"Jimmy Aki","nicename":"jimmy-aki","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/jimmy-aki-promo-image-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/cashaa-adds-bitcoin-purchasing-option-for-india.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/19083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3435"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=19083"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/19083\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/19084"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=19083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=19083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=19083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}