Youth Incorporated Magazine

India’s first Bitcoin ATM kiosk has been launched in Bengaluru, located at Kemp Fort Mall. This comes after the Finance Ministry has banned banks and other financial institutions from being a part of the Bitcoin network. However, it is not illegal for Indians to buy, sell or own Bitcoins.

In the past, Indians could not buy or sell bitcoins unless they had an overseas account, or a relative overseas. Cryptocurrency exchange Unocoin has helped tackle the issue by launching an ATM kiosk for Indians to exclusively buy and sell bitcoins.

The kiosk looks like a regular ATM, with a few modifications – the debit/credit card slot has been disabled, as banks have been banned from supporting the cryptocurrency system. The ATM has been provided by ATM-maker NCR.

How it works is the Unocoin users can withdraw between Rs. 1,000 to Rs. 10,000 per transaction per day in Rs. 500 denominations. The balance that a customer is left within his/her account can be used to buy other cryptocurrencies through the ATM. This is also applicable to Unicorn’s unit Unodax.

“We have a customer base of about 13 lakh users and we are hoping that this would ease the pain of customers,” said Sathvik Viswanath, CEO and founder of Unocoin told TOI. Unocoin deals with ethereum cryptocurrency while Unodax deals with 30 other cryptocurrencies.

This kiosk is accessible to all registered Unocoin customers, and they will be able to buy or sell up to 10 bitcoins. All transactions will have to be carried out in Indian rupees and will then be converted into a currency of the customers’ choice. According to reports, the kiosk will allow customers to trade in Bitcoin and Ethereum while providing an exchange platform for 24 other cryptocurrencies.

Customers will have to register using their mobile numbers and enter a password. They will also have to go through a verification process by providing details such as Aadhar number, PAN number, bank details, address, and more. Any withdrawals will require a prior request and a 12-digit OTP.

Cryptocurrencies are not a legal tender and are not recognised by the government, and Finance Minister Arun Jaitley said that people investing in Bitcoins are doing so at their own risk. In the future, Unocoin has plans to set up kiosks in cities like Delhi and Mumbai.