India’s first Bitcoin (BTC) ATM is now officially up-and-running. Here’s where to find the nation’s first Bitcoin ATM, and a closer look at Unocoin, the cryptocurrency exchange and blockchain company that built it.
India’s First Bitcoin ATM
India’s first Bitcoin ATM is located in the Kemp Fort Mall in Bangalore. This cryptocurrency ATM allows users to withdraw and deposit cash only, circumventing the need for a bank account.
Not only is this the nation’s first cryptocurrency ATM, but it’s also the first ATM installed by Unocoin. Unocoin is one of the top cryptocurrency companies in India. It provides a cryptocurrency exchange for Bitcoin (BTC) and Ethereum (ETH) to Rupees (INR). The exchange has over 1.20 million users.
The first Bitcoin ATM in India is available only for Unocoin and Unodax users. Unodax is another exchange that Unocoin operates. It supports more than 30 cryptocurrencies—much more than Bitcoin and Ethereum.
Why Built a Bitcoin ATM?
Unocoin’s Bitcoin ATM is a response to the Reserve Bank of India’s April 6 announcement. In a memo, the RBI requested all financial institutions in India to suspend providing services to cryptocurrency exchanges by June.
As a result, cryptocurrency exchanges could let users withdraw and deposit Indian Rupees (INR) using their bank accounts.
Moreover, the central bank has been in a long legal battle with cryptocurrency exchanges. On September 12, the Indian Supreme Court heard the final hearing in a case initiated by cryptocurrency exchanges. The court has yet to reach a decision.
Meanwhile, Unocoin took the matter into its own hands. A statement on their website reads:
Due 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 then in the process of deploying new mechanisms for INR deposits and withdrawals. This was not a small undertaking and it took us some time to deploy new solutions, and now we are here with the implementation of Kiosk.
India to See More Bitcoin ATMs?
There are over 3,500 Bitcoin ATMs around the world. Many Bitcoin ATMs allow users to buy and sell Bitcoin and other cryptocurrencies directly.
By contrast, the first Bitcoin ATM in India only allows cash deposits and withdrawals from a user’s account. All transactions still have to take place on an exchange.
Unocoin planned to open Bitcoin ATMs in Mumbai and Delhi in a couple of weeks. But a few days after the first BTC ATM in India opened, authorities arrested the man behind it.
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