Cashaa, a London based start-up has begun offering deposits and withdrawals in Indian Rupees (INR) months after a number of exchanges there had to close due to a banking blockade.
“We were able to find a stable solution through our vast network of traders and brokers in India,” Cashaa CEO Kumar Gaurav said before adding:
“Our system will solve the problem of liquidity and speed using a P2P engine at the backend which does all the complex work and makes buying and selling simple for average users.”
They claim where users are concerned it’s like buying from Coinbase, with the broker offering bitcoin, eth, and their own token, CAS.
It’s not too clear how they got around the Indian banking blockade, but that applies only to Indian banks.
The start-up claims they offer UK bank accounts with Mastercard as well as US bank accounts, with most of their users in India.
The government there is considering passing a bill to make bitcoin possession itself illegal, something that would be a first for any nation of note.
The banking blockade itself is being challenged in court with a decision on it constantly being delayed. A further hearing is now to be held next month.
If bitcoin possession itself is made illegal then this service can’t continue, but it looks like while it took years for China to get around the banking blockade, for India it took just months.