After Iran’s announcement for crypto adoption, other countries have followed suit. Indian and Mongolian banks are now also offering crypto services to their customers. Colombia, on the other hand, prides itself on the most number of Bitcoin ATMs in Latin America. State-level blockchain and crypto adoption are fast becoming a trend amongst countries. Let’s check the details for this week’s crypto news.
Indian banks to offer crypto services
A new partnership between the crypto banking platform Cashaa and The United Multistate Credit Co. Operative Society (United) is planning to make cryptocurrencies more accessible in India. The bank will provide cryptocurrency services alongside traditional banking services at its physical bank branches. This partnership is part of Cashaa’s expansion plan in India.
As per the announcement, customers in India will be able to buy cryptocurrencies at these branches with Indian rupees. Customers will also be able to open savings accounts with crypto wallets. They can also make giant loans with their cryptocurrencies. Initially account holders will be able to buy and sell Bitcoin (BTC), cashaa (CAS), Ethereum (ETH), Binance (BNB), Bitcoin cash (BCH), EOS, Litecoin (LTC), and ripple (XRP) in cash or with the account balance in Indian rupees. While making the announcement, the spokesman to the partnership explained:
“The joint venture, Unicas, will build the world’s first crypto-friendly financial institution with physical branches and operations.”
Cashaa CEO Kumar Gaurav explained:
“Most Indians are not aware or are misinformed about cryptocurrency as an online product and they tend to trust what they see or what the government recognizes and recommends. India is still largely a cash-based economy despite a demonetization drive. We intend to address both issues which are slowing the process of cryptocurrency adoption.”
Mongolian bank to offer crypto services
The largest bank in Mongolia plans to offer crypto services to customers soon. The bank will reportedly offer custody services, remittance, loans, and crypto asset management.
The Ulaanbaatar-based Trade & Development Bank of Mongolia (TDB Bank) has formed a new partnership with a blockchain company Hexland, and Deli, a white label tech company. Reportedly, MDKI, a Mongolian mineral resource, and blockchain company was also included in the partnership. TDB Bank is one of the oldest banks in Mongolia with over 50 branches across the country.
While the launch dates have not been announced, these companies hope to use the partnership to venture into the global virtual asset financial market.
Colombia sees surge in Bitcoin ATMs
According to reports, Colombia has the largest number of Bitcoin ATMs in Latin America. As per reports, Colombia has thirty-four ATMs. Medellin follows in second with eleven ATMs, with Bucaramanga and Cali having four ATMs each.
In the last couple of years, Colombia has been taking steps towards crypto regulations. In 2018, the country had a total of seventeen ATMs. Matias Goldenhörn attributed the surge to increased crypto use among freelancers. He explained:
“There are a lot of freelancers in Colombia who receive their payments in bitcoin and they use our ATMs to get their money in fiat and then there are people sending remittances to Venezuela using them. Those are the two main users we have now in Colombia.
In September, the government approved a pilot program to rest crypto transactions in the country. During the same period, the Colombian Ministry of Information Technology and Communications, (MinTIC) also released a draft of guidelines meant for blockchain adoption.