Users will be able to deposit and withdraw Indian Rupees through this ATM
Unocoin an Indian exchange dealing in Bitcoin and other crypto currencies launched its first ATM machine in Bengaluru. This is a first of its kind ATM in India dealing in Bitcoin and other popular crypto currencies. What’s more welcoming for the crypto enthusiasts is that a person can also transact in INR through this ATM. While the India is yet to take a firm stance on Bitcoin and other virtual currencies, an RBI circular in April had severely dented the Indian virtual currency community. The RBI circular had put a blanket ban on all banks in India for providing services to virtual currency exchanges in the country. While a final verdict is still awaited this circular had virtually halted the Bitcoin market in India.
In a blog post on its website Unocoin has said, “Due to the RBI’s recent notification on ‘Prohibition on Dealing in Virtual Currencies’, our banking relationships were disrupted some time ago. Since then, we were then in the process of deploying new mechanisms for INR deposits and withdrawals. This was not a small undertaking and it took us some time to deploy new solutions, and now we are here with the implementation of Kiosk. The first Kiosk is being deployed in Bangalore to be followed by Mumbai and Delhi in a couple of weeks. Unocoin encourages its users to trade Crypto assets with INR by keeping into consideration the recent hurdles faced by Unocoin and its users to deal with Crypto assets.”
Minimum Deposit amount at Unocoin’s Bitcoin ATM
The minimum amount for deposit and withdraw is 1000 INR and must be in multiples of 500 INR. Users are subject to some limits on deposit and withdrawals per transaction and per day subject to cash handling restrictions in India.
To deposit INR into his Unocoin/Unodax account, a user would reach to an Kiosk and enter their User ID and the OTP that they just received as SMS on their registered mobile number. The user would then confirm their account details and deposit the funds into the Kiosk machine. Instantly their Unocoin account will be updated with the deposited funds that they can use on Unocoin to buy BTC or ETH, or they can use it on Unodax to place BID orders on 30 various crypto assets.