Since last couple of days i have got many news posts and article about Unocoin's crypto atm machine launch. Finally its confirmed by Unocoin that they have installed thier first crypto atm in Banglore.
Unocoin CEO explained that all the customers of Unocoin and its crypto-to-crypto trading platform named Unodax, can deposit and withdraw Indian Rupee using the ATMs.
Users are subject to some limits on deposits and withdrawals per transaction and per day subject to cash handling restrictions in India as per RBI . They have setup minimum amount limit for deposits and withdrawals which is ₹ 1,000 and must be in multiples of 500 rupees.
Please read below news article for more details..
This is something which can give relief to Indian crypto trader while crypto is surrounded by rbi restriction. Company has a plan to install more such machines in Delhi, Mumbai and other cities. Unocoin has really came out of the vox and taken this step when SC is not hearing case for Crypto ban since almost one month. They kept giving another date everytime.
This is a positive sign for us and apart from p2p we have got another option to trade in Crypto which is quite good. We just need to sign-up with Unocoin or unodax to avail trade services using these ATM.
Image source- google
Thank you.
Have a great weekend.
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Does this also mean buying/selling Bitcoin in India is allowed or legalized?
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Hi Vanddy,
it has nothing to do with regulation but definitely a good sign for crypto community. regulation is completely controlled by RBI and Unocoin is a private entity which is installing these machines across cities in India starting with Bangalore.
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Thanks for the useful information!!! @alokkumar121
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Nice article Mr. Alok Kumar. A great initiative taken by UNOCOIN. In fact a very very bold step at the time of huge confusions within the crypto believers due to completely unclear regulatory system in this country. Lets all join our hands for a massive success for this initiative. We will be waiting for more and more ATMs around the country and will be hoping for the other exchanges will also get motivated and join their hands for providing more ATMs in all major cities. After the RBI's Banking ban the crypto lovers have shown there faith is unshakable, exchanges are trying their best for survival of cryptos in this country, You tubers and bloggers like you are constantly putting their efforts in a positive way, lawyers and law firms are constantly trying to find a way out in a positive way and peoples from various sectors are also involved in dealing with the worst situation to make it better and better. It shows nothing is impossible for cryptos but only stopping cryptos is completely impossible.
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