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Begaluru's Kemp Fort Mall has a new ATM. Why is that even news? Well, it might have to do with the fact that it's in opposition to RBI statements.
That and the ATM doesn't disburse cash from your bank accounts, but from your cryptocurrency wallet instead.
The cryptocurrency ATM is the first of its kind in India, they've previously existed abroad. It's been launched by local crypto exchange Unocoin, and meant exclusively for their customers to withdraw or deposit cash.
Unocoin and Unodax customers can deposit and withdraw Indian currency from the ATM. The company has imposed daily restrictions on transactions, in accordance with RBI ATM rules. In addition, the minimum amount for deposits and withdrawals is Rs 1,000. To withdraw or deposit, all it takes is a confirmation OTP from Unocoin users' registered mobile numbers. And cash they deposit goes into their Unocoin accounts and can be used to buy Bitcoin, Ethereum, or other crypto coins.
The company also says it plans to soon install similar machines in Mumbai and New Delhi as well.