Bengaluru, dubbed as the Silicon Valley of India has taken a brilliant step ahead to promote Bitcoin in India. Amid the regulatory ban imposed by the RBI and the subsequent pending case with the Supreme Court of India, this Bitcoin ATM is the first of its kind OTC (Over the Counter) exchange portal in India.
The Bitcoin ATM is maintained by Unocoin and its unit Unodax. Unocoin is based in Bengaluru itself. Sathvik Viswanath, CEO and founder of Unocoin boasts of a customer base of above 1.3 million. According to sources, the Bitcoin ATM will be up and running in a week or two.India has its's first Bitcoin ATM! Click To Tweet
The company calls the Bitcoin ATM, kiosk, it is situated at Total Mall (earlier known as ‘Kemp Fort’) on Old Airport Road, Bengaluru. It works in cash only mode with a minimum limit of Rs 1000 (approx USD 15) and maximum limit of Rs 10,000 (approx USD 150) per day. Kiosk looks like any other ATM, only the debit card slot is disabled on it as cryptocurrency transaction through banks is banned in India.
While buying coins, Bitcoins (BTC) or Ether (ETH) is transferred to the Unocoin wallet which is assigned to the user after KYC verification. The user can now make Bitcoin payments anywhere around the world. The users can similarly withdraw funds in the form of cash from their Unocoin accounts. Kiosk will deal in Bitcoin and Ethereum.
There are around 4,000 Bitcoin ATMs around the world. World’s first Bitcoin ATM was installed in Canada in 2013. USA holds the maximum number of Bitcoin ATMs today, over 2000 ATMs, European countries have installed plenty as well. It is spread world-wide in small amounts from the Islands around and including Australia to Russia and South Africa.2013 - the first Bitcoin ATM was launched in the world! Click To Tweet
Unocoin plans to install two more ATMs in Delhi and Mumbai in the recent future. Until now the only way to exchange fiat money for cryptocurrency was through peer-to-peer exchanges like Koinex and Local Bitcoins. Bitcoin ATM or ‘kiosk’ is an initiative that promotes legal use of Bitcoin in India.