Top Stories

'Virtual Currency' launches first-of-its-kind ATM in Bengaluru

Harsha Raj Gatty

Bengaluru, Oct 17: Circumventing the RBI regulation against bitcoins transaction; Cryptoassets and Blockchain Company has installed a first of its kind currency deposit and dispensing ATM at Kemp Fort Mall at Old Airport Road in Bengaluru. The kiosk installed by Unocoin allows its customers to deposit and withdraw minimum amount of Rs 1,000 from the platform.

The company in its statement while acknowledging RBI’s notification on ‘Prohibition on Dealing in Virtual Currencies’, added that it was only trying to accommodate newer mechanisms and solutions to reduce the hurdle facing (regulatory) hurdles by the present central governments stand.

Karthik Reddy, Managing Partner of Blume Ventures (investor in Unocoin) said that the company has always balanced the Indian investor’s need to diversify their portfolio in the form of crypto-currencies and maintains transparency and self-regulation as required by all domestic regulators. This kiosk exclusively for its customers ensures that balance.” he said.

Shedding light on the operation of Crypto-currency ATM, the company said that the KYC compliant customers have to enter his User ID and the OTP that he just received as SMS on his registered mobile number. The user would then confirm his account details and deposit the funds into the Kiosk machine. Instantly their Unocoin account will be updated with the deposited funds which can be used to buy Bitcoin (BTC) or Ethereum (ETH), or he can use it on Unodax to place BID orders on 30 various crypto assets.

To withdraw the deposit however the users have to make a request by visiting Unocoin website or through mobile platform where they can specify the desired amount for withdrawal. The 12 digit reference number from Unocoin is sent to the user. The user would then visit the Unocoin Kiosk to enter the reference number and OTP that was sent to his registered mobile number to withdraw the INR to his hands.

In a major move earlier this year the RBI had forbidden banks and regulated entities against transaction with crypto-currency traders (individuals and companies), the virtual currency whose speculated value (according to Unocoin) during the publication of this report was (BTC) BUY: Rs 5,29,296 and SELL: Rs 4,35,346, similarly ETC stands at BUY Value: Rs 21,585 and SELL Value: Rs 15,487.

While the pilot ATM was unveiled Sunday this week (not yet operational yet), the company eventually plans to set-up similar installations in Mumbai and Delhi.

Comment on this article

Leave a Comment

Title : 'Virtual Currency' launches first-of-its-kind ATM in Bengaluru


You have 2000 characters left.


Please write your correct name and email address. Kindly do not post any personal, abusive, defamatory, infringing, obscene, indecent, discriminatory or unlawful or similar comments. will not be responsible for any defamatory message posted under this article.

Please note that sending false messages to insult, defame, intimidate, mislead or deceive people or to intentionally cause public disorder is punishable under law. It is obligatory on Daijiworld to provide the IP address and other details of senders of such comments, to the authority concerned upon request.

Hence, sending offensive comments using daijiworld will be purely at your own risk, and in no way will be held responsible.

Security Validation

Enter the characters in the image