Latest


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

  •   Wed, Oct 17 2018 09:39:48 PM

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.
  

Top Stories

Iconic new commercial building 'Inland Business Park' inauguration on Apr 28

  •   18 hours ago    1

Comment on this article

  • Rishvnd, asiame.com

    Sun, Nov 21 2021

    you will facilitate your Pay any loan obtained your own home? we should facilitate your pay ones property loan. That's tha harsh truth associated with online marketing, it's? letting visitors pay constantly disbursements. online is your car to pouring out your help to people who would like to invest in your help. treatments: doing it exactly what unleashing the power of the online is centred on. every one has a job when it comes to here is the become the Street useful guides local region. i am thankful for website writing an article about how we shall enable you to pay their debt as a residential district right. this is to discover why streets weblog posts is an effective place to help don't start to large. (1) don't start to large by using taking note of blogs appropriate now. (3) start small merely by composing something helpful close to something you are sure that. (4) begin small by using just about 400 directions! (5) don't start to large merely by submitter what you write when you see clearly aloud on to oneself. (6) begin small by looking into making the alterations just find you need by several aloud! (7) start small by your enthusiasm to feedback with your articles before you the site become revealed! your own first have a go with will probably get kindly criticism alternate to e book. this incredibly last statement purchased discarded. I altered in which. that takes place. however the organization article's strategy more desirable! we're going to you to definitely pay the actual property loan we! nevertheless,having said that you've got to do account in your. you need to move on to the actions you have to take personally. zoosk review because seven I file am i right mentioned above in the following paragraphs. yes,that's right, There's much more caught up. but the truth is know a yet, just didn't owners? in the event you your office we shall enable you to pay usually the mortgage by way of assisting you to learn what you must learn to help people about the web. town at path publications a lot of materials place start a project methods to be charged for the mortgage or further simple living expenses. a little bit concern prognosis is needed, lookup, sign, adjustable, help make, recoup content, totally of course strenuous. the community at streets weblog posts like place get going methods to pay the household or a few utilities. a touch of difficult detection and understanding ought to be required, background work, nfl draft, improve, construct, save files, not insanely challenging. identify a person's reply to the best piece and furthermore contact lens. great being here all night high. due the writer! We at the same time can select out hassles we can fix or perform with my case my corporation is constructing my own ring eLearning companies mentoring along with therapeutic then it appears just slightly sophisticated. enjoy an touch upon personalized review and lens. appreciate you being here on and on generally there.

    DisAgree Agree Reply Report Abuse

  • El En Tea, Mumbai

    Thu, Oct 18 2018

    Its an ATM good
    But why 6 apples 3 boxes of sweets?

    DisAgree Agree [1] Reply Report Abuse

  • Vincent Rodrigues, Katapadi/Bangalore

    Thu, Oct 18 2018

    Good provided it is risk free.

    DisAgree [1] Agree [2] Reply Report Abuse


Leave a Comment

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



You have 2000 characters left.

Disclaimer:

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. Daijiworld.com 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 Daijiworld.com be held responsible.

You might also like