Monday, 25 May 2020

Bengaluru gets first Bitcoin ATM in India: How will it work and other details you need to know

Bengaluru gets India's first Bitcoin ATM despite the RBI's virtual ban on cryptocurrency deals. Cryptocurrency exchange Unocoin has set up India's Bitcoin ATM in Bangaluru.
The machine will let customers to deposit and withdraw the rupee from the kiosk.

As for now, Unocoin said, "The machine is still under final testing mode and it will be up and running in the upcoming week. The machine has been temporarily moved from its original place of installation."

According to Unocoin the decision of setting up Bitcoin ATM was taken after the RBI ban in July. “Due to the RBI’s recent notification on ‘Prohibition on Dealing in Virtual Currencies’, our banking relationships were disrupted some time ago,” Unocoin said.

How is it different from regular ATMs?

It looks similar to regular ATM machines. However, the kiosk has few modifications. The card slot has been disabled, as banks have been banned from supporting the cryptocurrency system.


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

How will the Bitcoin ATM work?

If you are still confused about how will it work, then let us sort that out for you. Unocoin users can withdraw any amount between Rs 1,000 to Rs 10,000 per transaction per day in Rs 500 denominations. The balance that a customer is left within his/her account can be used to buy other cryptocurrencies through the ATM. This is also applicable to Unicorn’s unit Unodax.

“We have a customer base of about 13 lakh users and we are hoping that this would ease the pain of customers,” said Sathvik Viswanath, CEO and founder of Unocoin told a newspaper.

It should be noted that Unocoin users will be able to sell or buy up to 10 bitcoins.

Will the ATM just let deal in Bitcoins?

No, the kiosk will let users deal in Bitcoins and Ethereum, while providing an exchange platform for 24 other cryptocurrencies.

How will the users register?

Customers will have to register using their mobile numbers. They will also have to go through a verification process by providing details such as Aadhar number, PAN number, bank details, address, and likewise documents.

Unocoin said that it is planning to launch similar kiosks in Delhi and Mumbai.

Earlier, the Reserve Bank of India had asked all banks and companies regulated by it to terminate any relationship with any firm dealing in cryptocurrencies from July 6 this year.

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