Soon you can pay cash and get bitcoin, other cryptocurrencies at nearby ATM
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Even as the legal uncertainty on crypto currencies looms in India, crypto currency exchange Unocoin has launched its first ATM in Bengaluru. Through this ATM, traders can deposit physical cash (in rupees) in their crypto wallet and can trade in bitcoin and other cryptocurrencies.
If a trader wants to get some cash, he just needs to sell his crypto currencies on the Unocoin platform, and he would be able to withdraw the money from this ATM. Unocoin has found this workaround after the Reserve Bank of India (RBI) in April banned banks and all entities it regulates from dealing with or providing services to any individual or business entities dealing with or settling virtual currencies. By setting up an ATM that accepts and dispenses cash, Unocoin has circumvented the RBI rule.
Unocoin said, “Owing 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 in the process of deploying new mechanisms for rupees deposits and withdrawals. Now we are here with the implementation of kiosk.”
“Our ATMs are capable on accepting and dispensing the cash. Through Unocoin ATM, traders can deposit rupees within some limits. At the same time, they can withdraw their money,” Sathvik Vishwanath, Co-founder and CEO of Unocoin told Business Standard. He said the ATM was functional and available for trading crypto currencies.
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