According to this post, Unocoin Launches First Ever Cryptocurrency ATM in Bangaluru, India. Unocoin is one of the oldest and biggest Bitcoin Exchange platforms in India. The ATM was officially launched at 14th, Oct 2018 in Bengaluru’s Kemp Fort Mall.
The ATM allows users to deposit and withdrawal of Min. of Rs.1000 and it should be the multiplies of Rs.500 and transact in cryptocurrencies like Bitcoin, Litecoin, Ethereum, etc., In accordance with RBI ATM rules, the company has imposed daily limits transactions. The company’s post explains, “Users are subject to some limits on deposit and withdrawals per transaction and per day subject to cash handling restrictions in India
Cryptocurrencies haven’t been banned outright; it is just that you can’t use them to buy anything. This ATM makes a more indirect crypto purchase possible, by converting coins to Indian currency right there in the mall, without any ties to the Indian banking system.
According to this news article, Sathvik Vishwanath, co-founder, and CEO of Unocoin said that “The first ATM will be operational in Bangalore tomorrow. In the first phase, we plan to deploy 30 machines…The first one is in Bangalore followed by Mumbai and New Delhi in the upcoming week.” He also continued that, “All coins on Unocoin and Unodax can be bought using the money deposited through ATM machines. We presently have 30 coins that can be bought.”
How do the Cryptocurrency ATM works?
- To deposit money into the Cryptocurrency ATM, the user should enter his/her Unocoin/Unodax user ID and OTP that will be sent to his/her registered mobile account.
- The user should confirm his/her account details and deposit the money into the kiosk machine.
- Instantly, the Unocoin account will be funded with the deposited amount. The user can use the amount to buy about 30 various cryptocurrencies available in the market.
- To withdraw any amount, first, the user should make a request from the Unocoin website where he/she can specify the amount to withdraw.
- A 12-digit unique number will be sent to the user.
- The user can visit the Cryptocurrency ATM and by entering the 12-digit number and the OTP received to the registered mobile number, they can withdraw the desired amount.
Also read – Bitcoin Banned in India.