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You can buy and sell bitcoins at ATM in Bengaluru

To help users overcome this challenge, cryptocurrency exchange Unocoin has launched an ATM — or a kiosk, as the company prefers to call it — for Indians to buy and sell bitcoins The first of these has been installed in a mall in Bengaluru. The ATM, provided by ATM-maker NCR, is like the regular bank machine that we see, but with a few modifications. One of these is that the debit/credit card slot has been disabled, given that banks have been banned from supporting the cryptocurrency ecosystem. Customers of Unocoin and its unit Unodax can deposit or withdraw cash between Rs 1,000 and Rs 10,000 per transaction per day in denominations of Rs 500. The balance that a customer holds in his/her account can be used to buy other cryptocurrencies through the ATM. All such transactions are mediated through the crypto exchanges. Many, of course, view their bitcoins simply as an investment, hoping to encash them if and when their value rises. Despite the bank-ban in February, Unocoin founder Viswanath says his platform has seen 18% user growth since then, to 13 lakh users. The finance minister’s statement was very clear. He said, cryptocurrencies are not legal tender in India. He did not say illegal tender. There’s a huge difference. It only means you bear the risk of your investment and there’s no regulation for the industry, he says.

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