London-based banking platform Cashaa (CAS) have announced that, from 23 October, they will enable deposits and purchases of cryptocurrency for residents in India using Indian Rupees (INR) up to the value of 1 crore INR per month (approximately $141,000 USD).
On the occassion of #Diwali, we are enabling #Indian residents to buy #BTC with #INR, up to 1 crore a month, starting from 23 October: https://t.co/fHm5ey1rKr🎉#crypto #banking #Cashaa #India🇮🇳#Diwali2019 #Indiawantscrypto pic.twitter.com/lUM90aa37G
— Cashaa (@yourCashaa) October 21, 2019
The launch of the new service will coincide with the traditional Diwali festival which Cashaa link with “prosperity and wealth.”
Although not directly referenced in Cashaa’s marketing campaign, Diwali is also thought to symbolise the raising of human consciousness that leads to a spiritual “victory of light over darkness, good over evil and knowledge over ignorance.”
Solution to Banking Resistance
Cryptocurrency enthusiasts in India have endured a tumultuous relationship with legacy banking institutions and this is noted in the company’s official press release which states “While access to crypto in India through banking no longer exists, Cashaa was able to find a solution.”
To access the solution provided by Cashaa, users will need to purchase 2,500 CAS tokens – which at the current market price is a total of around $15 – available from either Binance DEX or directly from the Cashaa wallet.
Initial reports suggest residents who join the service will have access to CAS, Bitcoin (BTC) and Ethereum (ETH).
After forming in 2016 and launching a multi-million initial coin offering (ICO) a year later, Cashaa activated their banking services platform in May 2019.