Unocoin to Spread BTMs in India, Bank Cards Rejected

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Mon, 10/15/2018 - 10:18
Yuri Molchan
Unocoin to release the first automated machine for BTC trade in India
Unocoin to Spread BTMs in India, Bank Cards Rejected
Cover image via U.Today
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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.

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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.

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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.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.