“Cryptocurrency is everything you don’t understand about money combined with everything you don’t understand about computers”- John Oliver.
Despite being shrouded in relative mystery, and being cracked down upon by the RBI, cryptocurrency is seemingly here to stay. Virtual currency exchange Unocoin has installed a currency deposit and dispensing ATM at Kemp Fort Mall, in Bengaluru, according to a Newsminute report.
The ATM allows customers to deposit and withdraw a minimum amount of Rs 1000, and transact in cryptocurrencies like Bitcoin, Ethereum and others. .
This is the first ATM of its kind in India, and it has played a clever card by circumventing RBI regulations.
Cryptocurrencies haven’t been banned outright; it is just that you can’t use them to buy anything. This ATM makes a more indirect crypto purchase possible, by converting coins to Indian currency right there in the mall, without any ties to the Indian banking system.
Quite a bold move, especially after the declaration by Finance Minister Arun Jaitley in the budget address earlier in February. Stomping on cryptocurrency and declaring them “not legal tender” Jaitley said, “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,” according to IndiaTimes.
How does the crypto ATM work?
1. To deposit money into the ATM, KYC compliant customers need to enter a User ID and the OTP they will receive as an SMS on their registered mobile numbers.
2. Post that, the user will confirm account details, and deposit the funds into the machine.
3. The user’s Unocoin account will be updated with the deposited funds immediately. And these funds can be used to buy Bitcoin, Ethereum, or on Unodax, to place bid orders on 30 different crypto assets.
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1. Visit the Unocoin website, or go through the mobile platform, and specify the desired amount for withdrawal.
2. A 12-digit reference number from Unocoin is then sent to the user.
3. A user can visit the ATM, enter the reference number and the OTP received on the registered mobile number, to withdraw the cash.
While the Unocoin ATM was unveiled earlier this week, it is not operational yet. Unocoin also plans to eventually set up similar installations in Mumbai and Delhi!
So, transact Bitcoin, Ethereum and other virtual currencies at this one-of-a-kind ATM today!
As per a report in the News Minute, the Unocoin ATM was seized, by the Bengaluru Cyber Crime Police. This is what the Unocoin representatives have had to say
According to Swaroop Anand, Advocate – Representing directors of Unocoin
“The matter is hitherto sub judice and hence, it is best if we refrain from commenting further. There has been some misunderstanding, as crypto-currencies are not the legal tender but it is still not illegal to transact in the same. We have always persevered to spread the right information and educate our users on the risks involved. Our faith in the legal proceedings still stands and we are willing to cooperate with the authorities.”
(Edited by Gayatri Mishra)