Unocoin Launches India’s First Bitcoin ATM
October 16, 2018 1:11 pm
Indian cryptocurrency exchanges are doing their best to improve the crypto-to-fiat liquidity in the country. The Reserve Bank of India has ordered banks in India to stop working with crypto exchanges. Arun Jaitley, Indian Minister of Corporate Affairs called Bitcoin a Ponzi scheme.
Unocoin, Indian cryptocurrency exchange has recently published a press release that announces its plans of launching Bitcoin ATMs across India. Unocoin has been in the crypto space since 2013 and currently holds a customer base of around 1.2 million users. This crypto exchange has already launched a crypto trading kiosk in its hometown (Bangalore). It enables users to exchange Bitcoin, XRP, Ethereum, Bitcoin Cash, and Litecoin for cash and also convert fiat currency into crypto.
Unocoin introduces its first ATM at Bangalore. These machines can be used by our KYC verified customers for deposit INR to, and withdraw INR from their Unocoin or Unodax account https://t.co/ETcqzcGpPj pic.twitter.com/5kDTCmlqJn
— Unocoin (@Unocoin) October 15, 2018
Crypto exchange such as WazirX launched peer-to-peer trading to keep their business running without coming under the government ban on exchanges. The Indian government claims that cryptocurrency trading activities can lead to illegal activities such as money laundering.
Unocoin has said that it wants to work within the legal framework. It has also confirmed that it will impose the current cash handling restrictions. The exchange will follow the guidelines issued by the central bank post demonetization. Unocoin explained that their ATM network would function as a standalone project which doesn’t require banking partnerships like other ATMs.
“Users are subject to some limits on deposits and withdrawals per transaction and per day subject to cash handling restrictions in India. The minimum amount for deposits and withdrawals is 1,000 rupees (~$13.50) and must be in multiples of 500 rupees.”