India’s first cryptocurrency ATM launched in Bengaluru

India’s first cryptocurrency ATM launche...


Installed by virtual currency exchange, Unocoin, the ATM allows customers to deposit and withdraw minimum amount of Rs 1000 from the platform.


Despite the government and Reserve Bank of India’s (RBI) crackdown on cryptocurrency in India, virtual currency exchange Unocoin has installed a currency deposit and dispensing ATM at Kemp Fort Mall in Bengaluru.

The kiosk, installed by Unocoin, allows its customers to deposit and withdraw minimum amount of Rs 1000 from the platform.

First of its kind in India, this ATM circumvents the RBI regulation against bitcoins transaction. RBI has ruled earlier this year that financial institutions associated with RBI are not permitted to deal with cryptocurrencies. However, ATMs are a part of any financial institution with RBI.

Acknowledging RBI’s notification on ‘Prohibition on Dealing in Virtual Currencies’, Unocoin said in a statement that it is merely attempting to accommodate “newer mechanisms and solutions to reduce the hurdle facing (regulatory) hurdles by the present central governments stand.”

How it works

In order to deposit money into the ATM, KYC compliant customers have to enter their User ID and the OTP that they receive as SMS on their registered mobile number. The user would then confirm his account details and deposit the funds into the Kiosk machine. Their Unocoin account will be updated with the deposited funds immediately. And these funds can be used to buy Bitcoin (BTC) or Ethereum (ETH), or on Unodax to place BID orders on 30 different crypto assets.

The withdrawal, however, is a lengthier process. Users will have to make a request by visiting the Unocoin website or through mobile platform and specify the desired amount for withdrawal. A 12-digit reference number from Unocoin is then sent to the user. Post that, the user can visit the ATM, enter the reference number and OTP received on their registered mobile number to withdraw the cash.

At present, the pilot ATM that was unveiled earlier this week is not operational yet. Unocoin plans to eventually set up similar installations in Mumbai and Delhi.


PostedOn: 17 Oct 2018 Total Views: 255




Xiaomi’s UPI-based payments platform Mi ...

Xiaomi’s UPI-based payments platform Mi Pay launch...

Redmi Go, Xiaomi took the opportunity to announce its new payment solution — Mi Pay, the easy way to pay for millions of MIUI users in India. Serving as a one-stop solution for consumers’ payment needs, Mi Pay is primarily a UPI-based application, deeply integrated within Xiaomi’s ...

19 Mar 2019

New Dell Alienware gaming laptops launch...

New Dell Alienware gaming laptops launched in Indi...

With a strong focus on purposeful innovation, Dell and Alienware in India today launched state-of-the-art gaming machines; Alienware Area-51m, Alienware m15 and Dell G7 catering to a growing PC gaming market comprising amateur and professional gamers. The latest addition to Dell’s gaming portf...

18 Mar 2019

Next billion in India will use the inter...

Next billion in India will use the internet to adv...

Booking Holdings, the global leader in online accommodations and travel e-commerce, conducted a study to explore the impact of digital transformation in Asia and gain insight into how increased Internet access will affect the burgeoning population in the region. According to the study titled “...

16 Mar 2019

Synology launches DiskStation DS1019+ fo...

Synology launches DiskStation DS1019+ for small of...

Synology has launched DiskStation DS1019+, a 5-bay desktop NAS with excellent performance and scalability, right for small offices and IT enthusiasts. DS1019+'s scale-up design allows a seamless storage expansion with minimal effort, making it an ideal server for file sharing, data backup, and recov...

14 Mar 2019

OnePlus 7 Will Be Launched Alongside Tru...

OnePlus 7 Will Be Launched Alongside True Wireless...

OnePlus 7 is expected to launch soon, and the smartphone has been leaked on a few occasions in the past. Now, CEO Pete Lau, elaborating on the company's wireless audio journey with the removal of the 3.5mm audio jack, hints that OnePlus may be looking to launch true wireless earbuds alongside the On...

11 Mar 2019

Facebook sues over sales of fake account...

Facebook sues over sales of fake accounts, likes a...

Facebook Inc said that it filed a lawsuit along with Instagram in US federal court against four companies and three people based in the People’s Republic of China for promoting the sale of fake accounts, likes and followers. In a blog post, the company said here the accused people and companie...

02 Mar 2019

Google, Facebook and others are blocking...

Google, Facebook and others are blocking keywords ...

Search engine Google, Microsoft, Facebook and Yahoo have begun blocking keyword pertaining to child pornography and violence against minors on their respective platforms in India. These companies are taking this step to prevent the spread of such kind of videos on social media. As per reports, the d...

23 Dec 2018

Huawei launches Mate 20 Pro with triple ...

Huawei launches Mate 20 Pro with triple rear camer...

The smartphone packs a 4,200mAh battery, with SuperCharge support. Huawei has brought to the Indian market its latest high-end smartphone, Huawei Mate Pro 20, priced in the Rs 70,000 range with a 6.39inch QHD+ display that has a screen resolution of 1440x3120pixels and an aspect ratio of 19.5:9. It ...

28 Nov 2018