The Kemp Fort Nall at Bangalore has a new ATM and the topic is in news because through ATM one cannot withdraw the cash from your bank accounts whereas you can withdraw cash from your cryptocurrency wallet.
The cryptocurrency ATM is the first time India and they already exist abroad. The same has been launched by the local crypto exchange Unocoin and is only meant for their customers for withdrawing and depositing the cash.
Unocoin and Unodax customers can eother withdraw or deposit the Indian currency from ATM. The company has even imposed some restrictions on th daily transactions in accordance with the RBI ATM rules.
Along with thay, the minimum amount for the withdrawals and the deposits is Rs. 1,000. In order to withdraw pr deposit the amount, you need to have a confirmation OTP from the Unocpi users registered mobile numbers.
The deposited cash the goes into their Unocoin account those can be used for buying a Bitcpi , Ethereum and the other crypto coins.
The company is also planning for installing similar machines in Mumbai and New Delhi too.
In this same budget address im February, the Finance Minister Arun Jaitley has effectively killed off any chance of the in-store crypto transactions thereby declaring them to be “not legal tender.”
“The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payments system,” Jaitley had said.
These ATMs are a way for circumventing that ruling. After all, cryptocurrency hasn’t been banned outright, you just can’t use it to buy anything. This ATM makes a more indirect crypto purchase possible, by converting your coins to Indian Rupees right there in the mall without any tie to the Indian banking system.