Indian crypto trader Unocoin is due to start off with the first local terminal selling virtual coins. On the one hand, this is due to the current Indian prohibition on trading digital assets. On the other hand, the platform plans to fire away with this service despite the ban, as the RBI keeps forbidding banks to work with crypto startups.
Use BTM, forget your bank cards
The Unocoin CEO Sathvik Vishwanath, reportedly, has verified the deal after showing an image of the ATM on the company’s official Twitter account. Presently, the general manager states, the crypto selling machine is being tested. Within seven days the company is to share more details.
However, the head of the exchange did not touch upon the attitude of the regulators to the fact of launching the ATM. Besides, Unocoin intends to install the ATM in the area close to the Indian Supreme Court — the institution that has been suppressing digital assets since mid-summer.
A curious fact: among the major investors of Unocoin is Digital currency group, the owner of CoinDesk. Apart from that, the company has financially supported almost 140 startups working in the crypto industry.
The machines are to be launched in the shopping centers of New Delhi. Exact locations have not been defined yet.
ATM offers five coins
The new ‘gift’ of Unocoin to the local crypto community, the ATM, allows operations with five coins: XRP, BTC, BCH, LTC, and ETH. These are the logos that can be seen on the ATM photo posted on Twitter. It is interesting that the cryptocurrency machine does not accept bank cards, reportedly working only with cash.
Working with the crypto machine implies first confirming your identity with a driver’s license or another document, obligatory according to KYC norms.
Crypto demand remains stable
Despite the RBI prohibition, the sentiment of the local crypto community remains high. Indian Bitcoin exchanges are switching either to P2P trading or trying to bypass the ban in other legal ways.
A recent research dubbed “Global Cryptocurrency Survey” conducted by a German analytical agency shows that India remains on the fourth place on the crypto trading scale, following the US, Britain, and Japan — the countries in which crypto trading is quite legal.