Indian cryptocurrency exchange Unocoin has installed its first cryptocurrency automated teller machine (ATM) in the southern city of Bangalore, where the company is based, enabling Indian Rupee (INR) deposits and withdrawals for its customers.
The country’s first crypto ATM began operations for customers at a mall on Monday. It plans similar ATMs in Mumbai and Delhi in the next couple of weeks. Unocoin reportedly plans to install 30 crypto ATMs across the country.
The ATM can be used by customers of both Unocoin and its crypto-to-crypto exchange platform Unodax, which currently supports 60 crypto-to-crypto trading pairs with four base coins – Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and TrueUSD (TUSD), the first stable coin built on the TrustToken platform.
Users are subject to certain limits on deposit and withdrawals per transaction and per day subject to cash handling restrictions in India. The minimum amount for deposit and withdraw is Rs.1000 and in multiples of Rs.500.
The deposited funds can be used at Unocoin to buy BTC or ETH, or at Unodax to place BID orders on 30 various crypto assets.
Users can also withdraw the rupees deposited or received by selling crypto assets on Unocoin or Unodax platforms through the ATM.
These machines can be used by KYC verified customers of Unocoin or Unodax for deposit INR to, and withdraw INR from their Unocoin or Unodax accounts. Such ATMs are located across 78 countries including US, Canada, Austria, China, among others.
The move is encouraging for Unocoin and Unodax customers who have been unable to use INR since July 6 when the crypto banking ban was imposed by the country’s central bank.
Unocoin had announced the suspension of its INR support on July 13, and has since been in the process of deploying new mechanisms for INR deposits and withdrawals.
Many Indian cryptocurrency exchanges have been trying to obviate the difficulties associated with the RBI ban by either introducing a peer-to-peer facility or migrating to crypto-friendly destinations or closing down operations in India.
Indian crypto exchanges Zebpay and WazirX started offering crypto-to-crypto exchange facilities. Another crypto exchange Koinex has also recently announced a similar P2P platform called Koinex Loop. BitBns is said to be working on a similar P2P network.
Although not banned by law, cryptocurrency trading is under tight scrutiny and restrictions in India.
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