India’s first BitCoin ATM | Fusion - WeRIndia

India’s first cryptocurrency ATM was launched in Bengaluru on October 14.

The virtual currency exchange Unocoin launched this for the customers of cryptocurrency.

This ATM is meant for deposits and withdrawals of the money which can used to buy cryptocurrency using Unocoin’s website or mobile app.

One such ATM machine will also be launched in both Mumbai and New Delhi in this week.

A lot of confusion currently exists on the ecosystem of cryptocurrency that involves legal battles and strict regulations in the country. In this scenario, the ATM has been launched.

Yet, Unocoin says that the ATM has nothing to do with India’s banking system, so, there is no question of violating RBI norms.

In India, there are no clear laws to govern cryptocurrencies and as per the guidelines of the RBI, non-bank entities cannot establish ATMs. Since Unocoin does not need any banking network or relationship, it does not come under the purview of violation of norms, explains the CEO of Unocoin.

The ATM works in the following way: If any customer visits the ATM, then he has to validate his user ID, and then a one-time-password sent to his registered mobile number.

After that, he can deposit money which will be displayed in the Unocoin account. He can use this money to buy cryptocurrencies.

The withdrawal process is also similar. Any amounts ranging between ₹1,000 ($13.55) and ₹10,000 can be deposited or withdrawn.

However, Unocoin did not explain the working of cash management system as the money collected from this cannot be deposited in the banks.

Unocoin wants to establish more ATMs in India for which it is targeting malls and other locations as these areas have higher footfalls.

The user base of Unocoin has been increasing significantly. Within a year, the number of users have grown more than a million. At present, it has nearly 1.3 million users. It had only 200,000 users in November 2017.

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