After RBI banned bitcoin-related transactions, Unocoin launches the country’s first bitcoin ATM avoiding direct relation with any financial institution
Unocoin, India’s cryptocurrency exchange has launched the country’s first Cryptocurrency ATM in Bengaluru to offer buying and selling of cryptocurrencies by deposit and withdrawal of cash in and from the machine. This ATM is just like the other ATMs with the absence of debit/credit card slots. Unocoin customers will be allowed a maximum of Rs. 10,000 withdrawal per day. The minimum amount has been kept at Rs. 1000. Moreover, the ATM accepts only the denomination of Rs. 500 notes.
RBI tangle
Unocoin’s launch of an ATM for bitcoins comes after the Reserve Bank of India and other financial organisations banned bitcoin-related transaction in India. The new ATM service, which allows for a free-flow of bitcoin transaction, can be accessed easily without relying on financial institutions by just purchasing and selling the virtual coins with cash.
Sathvik Viswanath, CEO of Unocoin informed that the firm expected to raise its existing customer base of 13 lakh users. He added that the RBI ban’s impact on the business was an increased 18 per cent growth.
The Finance Ministry had earlier notified that the government of India did not consider bitcoins as legal currencies and would adopt strict measures to discard bitcoin-related transactions in the country. Unocoin has planned to set up two more bitcoin ATMs in New Delhi and Mumbai.
