For the first time in the country, a cryptocurrency ATM is going live in about two days in the silicon city of India, Bengaluru. Unocoin, a startup is asking for minimum deposit and withdrawal of at least Rs 1,000. The ATM will be present in city’s Kemp Fort Mall.
Deccan Herald quoted Sathvik Vishwanath, CEO and Founder of Unocoin as saying,”We have completed our trails on Thursday afternoon. We have completed all the procedures. Either it will go live Saturday morning or on Monday morning.”
Unocoin hopes to witness at least 50 transactions on the first day. Normal ATM machines have been modified with necessary software to transform it into a cryptocurrency ATM. Unlike a traditional ATM machine, Unocoin requires a user to enter his/her ID and mobile number. For the password, an OTP will be generated. With the funds in the account, a user will be able to buy Bitcoin or Ethereum, or on Unodax to place the order for 30 different cryprocurrencies.
Speaking about the RBI crackdown, Vishwanath said, “According to us, the RBI is trying to clamp down on their own entities like banks because of the risks associated that they have mentioned before – volatility, security and legality. But they haven’t declared the crypto assets as illegal. So, now that the banks are no more there, it’s pretty much like other countries now. And transactions will happen peer to peer or through ATM machines.”