The crypto fever has grabbed curious Indian investors who have flocked to several homegrown and foreign exchanges to buy digital coins. The Reserve Bank of India (RBI) took action on the unregulated assets and effectively dried up banking resources for cryptocurrency exchanges.!
• Unocoin launch 1st cryptocurrency atm in india
• The first ATM will be operational in Bangalore tomorrow…In the first phase we plan to deploy 30 machines…The first one is in Bangalore followed by Mumbai and New Delhi in the upcoming week.
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• Solution to RBI Crypto Banking Ban
India’s central bank, the Reserve Bank of India (RBI), issued a circular in April banning financial institutions under its control from providing services to crypto businesses. The ban went into effect in July and all crypto exchanges in India subsequently lost their ability to provide rupee deposit and withdrawal services. Unocoin announced the suspension of its fiat support on July 13. The company has been looking for new mechanisms to allow its users to deposit and withdraw rupees ever since.
“These ATMs help people to cash in and cash out which was not possible before due to RBI restriction on banks to not provide bank accounts. The gap is now completely filled by these ATMs except that physical access is required to deposit and withdraw money.”
Great to hear that. Hope we don't miss Rupeeblockchain for Unocoin!
What do you think about that?