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Indians could no longer buy and sell bitcoins, unless they had an overseas account or an overseas relative or friend who could transact on their behalf. when the finance ministry banned banks and regular financial institutions from being part of the bitcoin network.
To overcome form this problem Unocoin has launched an ATM for Indians to buy or sell bitcoins. The first of these has been installed in a mall in Bengaluru.
The balance that a customer holds in his/her account can be used to buy other cryptocurrencies through the ATM . Now Customers of Unocoin and its unit Unodax can deposit or withdraw cash between Rs 1,000 and Rs 10,000 per transaction per day, in denominations of Rs 500.
The ATM, provided by ATM-maker NCR, is like the regular bank machine that we see, but with a few modifications. One of these is that the debit/credit card slot has been disabled, given that banks have been banned from supporting the cryptocurrency ecosystem.
Today, however, Indians use it mainly when they are overseas, in countries like Japan that allows bitcoins to be used to pay for meals, flight tickets, and movie shows. They also use it to buy goods on foreign websites such as Ali Express. In India, some tech websites use it to pay freelancers for gadget reviews
“Sathvik Viswanath, CEO and founder, Unocoin says , We have a customer base of 13 lakh users and we are hoping that this will ease the pain points of customers after the ban.
cryptocurrencies are not legal tender in India. He did not say illegal tender. There’s a huge difference. It only means you bear the risk of your investment and there’s no regulation for the industry says by the finance minister.
Unocoin, which was founded in December 2013, said the next few kiosks will be set up in Delhi and Mumbai.
, “The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these cryptoassets in financing illegitimate activities or as part of the payment system .” said by Union finance minister Arun Jaitley In his 2018-19 Budget speech.
link of artical : https://timesofindia.indiatimes.com/business/india-business/you-can-buy-and-sell-bitcoins-at-this-atm-in-bengaluru/articleshow/66288900.cms