India gets its first Bitcoin ATM! Unocoin launches an automatic cryptocurrency machine in this city; here's how it's going to work

Unocoin said the decision to launch the ATM was made following the ban imposed by the RBI in July, which virtually banned the trade in cryptocurrencies. (Image: Unocoin)

While the Reserve Bank of India (RBI) has virtually banned cryptocurrency transactions, the first Bitcoin ATM has been launched in the country, an existing service in many other countries. Unocoin has opened an ATM in Bangaluru, which will allow its customers to deposit and withdraw the rupee from the kiosk.

Unocoin said the decision to launch the ATM was made following the ban on the RBI in July. prohibition to trade cryptographic currency. "Due to the RBI's recent notification on" the ban on dealing in virtual currency, "our banking relationships have been disrupted some time ago," said Unocoin.

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Operation of the Bitcoin Automated Teller Machine

Unocoin announced plans to launch similar kiosks in Delhi and Mumbai. Customers could deposit and withdraw money from the kiosk, but with the riders. The kiosk does not accept debit or credit cards as banks can not be involved in the transaction and the minimum amount for the deposit and withdrawal is 1000 Rs and only multiple banknotes of 500 Rs.

The central bank had asked all banks and companies regulated by the latter to terminate their relations with cryptocurrency companies as of July 6 of this year. Meanwhile, the government has declared that cryptocurrencies are not legal tender in India.

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Argentina recently installed 30 Bitcoin ATMs, as the demand for cryptocurrency increased following the depreciation of its monetary peso against the dollar American. Even in Argentina, crypto-currencies are not guaranteed by the central bank or the government.

Crypto-currencies became extremely popular last year when bitcoin went from $ 5,000 to $ 20,000 in about two months, which also caused many governments to act and declare it illegal. or legal. However, Bitcoin has been unable to maintain its value and has fallen sharply over the past eleven months. On Saturday, Bitcoin traded at $ 6,408, depending on cryptocurrency trades.