How to: Despite the ban, the first Bitcoin ATM in India

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In India, crypto-ambivalence prevails. On the one hand, the country’s Central Bank, the Reserve Bank of India (RBI) already for months, the regulatory thumb tightened screws, on the other hand, are flourishing Bitcoin & co. still has on the subcontinent. The Plan of a crypto-exchange, 30 Bitcoin ATMs set up, shows the gap between regulatory standards and economic reality in India.

Who wants to buy in India Bitcoin, to be inventive. Especially if it’s currencies to the exchange of Fiat money in the Crypto (and Vice versa). This is, in fact, since a decision by the Indian constitutional court of 3. July says. This prohibition also has the crypto stock exchanges of the country hit hard. The most recent victim of the Indian crypto-regulation of the Ex-Exchange Zebpay, which has set the end of September, its operating business and is now trying to compensate their former users. Many stock markets are flirting with the idea of a brain drain abroad, but since this can be a costly affair, it would be only for the larger fish a gang or schwimmbarer way.

Need is the mother of invention

Of necessity to be concentrated on the Bitcoin exchanges on crypto-to-crypto transactions, in the hope of a turn-in of the regulators. The Indian Hodler sought Ways to beat the Quasi-crypto-prohibition of the constitutional court of a trick. So handles are some of the tried and true, but forbidden forms of trading as Dabba or Hawala-Trading – Innovation and Tradition must not always be ruled out.

However, the detour via the illegal Dabba Trading could remain Indian, crypto-investors will soon be spared. This applies at least for the customer of Unocoin, one of the leading Indian crypto-exchanges.

Since last week a photo on the Internet, the ATM shows a such Bitcoin courses. Unocoin CEO Sathvik Vishwanath admitted then news.bitcoin.com compared to a that you in fact just going to be such a money machine to build:

“It is true that we bring our ATM’s on the market, but we have not announced the news yet. We need maybe one more week before we start with the operation. Someone has discovered a machine and spread the image and the speculation.“

Now it’s official: Unocoin has on 15. October even started to post on Twitter photos of your new ATMs:

Unocoin introduces its first ATM at Bangalore. These machines can be used by our KYC verified customers for deposit INR to, and withdraw INR from their Unocoin or Unodax account https://t.co/ETcqzcGpPj pic.twitter.com/5kDTCmlqJn

— Unocoin (@Unocoin) 15. October 2018

https://platform.twitter.com/widgets.js

The Bitcoin ban outsmarting mother

According to a previously published press release of the company’s Unocoin customers will now have to Indian rupees (INR) against around 30 crypto-currencies, including Bitcoin, Ether, XRP, Bitcoin, Cash and Litecoin exchange – and Vice-versa. The minimum amount is 1,000 INR (a little more than eleven euros), increases in 500-rupees-steps. The Service is available exclusively for Unocoin customers. In addition, there is no Bank involved in the settlement – no wonder, after all, the Indian banks, a ban on Cooperation in terms of crypto-companies. Probably therefore it is necessary to notify a withdrawal to the Exchange via the Website or App, what is the amount you would like to Deposit or withdraw. The Exchange wants to be the demands of investors and regulators alike:

“Unocoin has always been the desire of the Indian investors to diversify their Portfolio [ … ], with the need for transparency and self-regulation, as is demanded by all national regulatory authorities, in accordance. With the introduction of an ATM, the is only for its customers, we once more get that balance right.“

The first Bitcoin vending machine in Bangalore. Unocoin is planning a total of 30 machines in the three cities. To Bangalore in a few weeks in Mumbai and Delhi will follow.

BTC-ECHO

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