India’s first ATM kiosk for bitcoins has been set up in Bengaluru. The one-of-its-kind ATM which will soon be operational will have a trading and exchange platform and will also allow verified customers to use the machine. Set up by Unocoin Technologies Private Ltd, the ATM will be kept at the Kemp Fort Mall, Old Airport Road, Bengaluru.
With the Unocoin ATM, customers will be able to buy or sell up to 10 bitcoins. It must be noted that all the transactions will, however, be in Indian Rupees which will later be changed into the currency of the customer’s choice. The ATM, according to a representative of Unocoin, will allow customers to trade in Bitcoin and Ethereum while providing an exchange platform for 24 other cryptocurrencies in circulation.
How to use Bitcoins ATM?
Step 1: Customers will have to register by using their mobile number and entering a password.
Step 2: Verification process starts during which details such as PAN number, phone number, address, bank details, and others have to be furnished.
Step 3: An elaborate procedure for both deposits and withdrawals, with the withdrawals requiring a prior request and 12-digit OTP.
Step 4: Once you get the OTP, you proceed with either deposit or withdrawal.
Customers may note that investing in bitcoins is at the user’s own risk. Unocoin founder Sathvik Vishwanath said, “The notice issued by Finance Ministry on cryptocurrencies don’t talk about the legality of cryptocurrencies as such and hence the legality status of Bitcoin or other cryptocurrencies in India remain unchanged. This decision of RBI’s was more in line with its earlier statements on the risk associated with the cryptos.”
Meanwhile, retired bank official TK Shivaram said cryptocurrencies were not a legal tender and were not recognised by the government. He said, “People who are using such currencies are at risk without recognition from RBI.”