The First Bitcoin ATM Appeared In Bengaluru, India Regardless Of Rbi’s Regulations On Anti-cryptocurrency

Pravarasena Phadatare - Oct 19, 2018

Despite the statements of RBI, Kemp Fort Mall installed the first ATM in Bengaluru. You can now withdraw money from your cryptocurrency wallet.

Instead of withdrawing cash from bank accounts, this ATM will let you withdraw money straight from your cryptocurrency wallet.

This is the first time that this type of ATM appears in India. The Unocoin - a local crypto exchange launched it uniquely for the customers to deposit or withdraw cash.

Only customers of Unodax and Unocoin can withdraw or deposit Indian currency from this ATM. The company has set limitations for transactions to meet the rules of RBI. Additionally, Rs 1,000 is the minimum limit for withdrawals and deposits.

Users also need the OTP code which is sent to their registered phone number to withdraw or deposit money. They can use money in their account to buy Bitcoin, Ethereum, or other crypto coins.

Also, the company revealed that the same machines shall be installed both in New Delhi and Mumbai soon.

RBI would not be happy

Finance Minister Arun Jaitley has killed off every crypto transaction in normal store by declaring that they are not legal. This means you can not use cryptocurrency to buy goods in any stores even the shop owner accept the crypto payment.

Mr. Jaitley said:

But things might change with the existence of this Bitcoin ATM. Your coins can be converted into Indian Rupees right at the mall without any constraints on the Indian banking system. And then you can use this amount of money to buy anything you want.

Just how the RBI will react to this despite being unpredictable. The agency might simply ignore it considering how the color and cry of Bitcoin have died primarily. Then again, it might try to accomplish what it started by tightening the rules further.