Unocoin, a major crypto exchange in India, is about to launch crypto Automated Teller Machines(ATMs). The startup is planning to deploy 30 machines in three Indian cities. This initiative will solve “cash in and cash out” issue which was previously banned by Reserve Bank of India(RBI).
Sahvik Vishwanath, Unocoin’s CEO, revealed:
“The first one is in Bangalore followed by Mumbai and New Delhi in the upcoming week.”
All customers of Unocoin and its platform have privilege to deposit and withdraw cash in rupees. But there are restrictions on minimum and maximum withdrawals. Minimum deposit or withdrawal is 1,000 rupees(about $14) and transactions can be made only in multiples of 500.
Further, Vishwanath stated:
“All coins on Unocoin and Unodax can be bought using the money deposited through ATM machines. We presently have 30 coins that can be bought.”
In July 2018, RBI banned all crypto exchanges in India that demanded rupee withdrawal and deposit services. Hence, Unocoin had to come up with an alternative. Though it might seem like Unocoin is skirting RBI’s ban, Vishwanath clarified:
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.
As this system falls under grey zone of regulation, regulators don’t have a say. Now, it is time for Indian cryptocurrency enthusiasts to cash-in and cash-out in cryptocurrency world.