Post that, the user can visit the ATM, enter the reference number and OTP received on their registered mobile number to withdraw the cash.
India gets its first cryptocurrency ATM amidst the central bank’s crackdown
At present, the pilot ATM that was unveiled earlier this week is not operational yet. Unocoin plans to eventually set up similar installations in Mumbai and Delhi. Skip to main content.
In a blog posted in January , Unocoin had explained that, according to RBI norms, non-banking entities, including cryptocurrency exchanges, are forbidden from setting up or operating ATMs. They are forbidden from issuing prepaid virtual currency cards. However, Unocoin maintains that its machines do not violate RBI norms, which only prohibit non-banking entities from setting up ATMs for banking operations.
India’s first cryptocurrency ATM launched in Bengaluru
On the other hand, a government-appointed committee is chalking out draft regulations on virtual currencies which are likely by the end of this year. Want to read more from Nupur Anand? By providing your email, you agree to the Quartz Privacy Policy.
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Welcome to the decentralized future of money or an epic bubble. A ban on cryptocurrencies like Bitcoin may result in wealth erosion for about 1 crore Indian investors, including 10 lakh traders, who are estimated to own assets collectively worth over Rs 10, crore. The world's most popular cryptocurrency was last up 3.
India’s first cryptocurrency ATM launched in Bengaluru | The News Minute
Tesla Inc CEO Elon Musk on Thursday said that owning bitcoin was only a little better than holding conventional cash, but that the slight difference made it a better asset to hold. Tesla boss Elon Musk is a poster child of low-carbon technology. Bitcoin soared to a record high against the dollar on Monday, as its rally steamed ahead, boosted by increased demand from both institutional and retail investors that saw the virtual currency as a safe-haven and a hedge against inflation.
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Tesla Inc chief Elon Musk said on Wednesday that a Tesla vehicle can now be bought using bitcoin and the option will be available outside the United States later this year. Police on Wednesday arrested three absconding men suspected of being part of an inter-state gang, who had attempted to break a local ATM to rob it last month.
RBI tangle
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