To Counter RBI Ban, Crypto Exchange Putting Its Own ATM in India
After the India's central bank RBI's restriction in April, 2018; cryptocurrency exchanges were not allowed to operate any bank account in India. The matter is still sub-judice and uncertainty prevails across the country on this issue.
Recently, owing to this scenario, country's leading crypto exchange Zebpay shut its shop. But Bangaluru based exchange Unocoin launched a live order-book trading platform viz. UNODAX in May 2018 and listed some 41 coins there.
It has more concrete plans to survive the RBI's unilateral restriction on banking services for crypto-exchanges. This week Unocoin put up its own ATM in Bangaluru's Kemp Fort Mall on Old Airport road.
Here's a demo for Unocoin's ATM in Bengaluru:
Through this ATM, its customers can deposit and withdraw Indian fiat currency i.e. INR to and from their exchange wallet. The cash gets loaded to their exchange wallet instantaneously and from there they can buy or sell about 30 cryptocurrencies listed on Unocoin as well as Unodax.
According to Unocoin, this is their first deployment of ATM at Bengaluru and it will be followed by its ATMs at Mumbai and Delhi. Bitcoin.com reported that Unocoin will deploy 30 ATMs in these three cities in the upcoming weeks.
Overall, this is a great strategy to service their customers and give a fitting response to the RBI directive.
My only apprehension is that Unocoin may charge a good premium over INR trading pair in its exchanges. Pioneering Indian exchanges are known to charge a hefty fee to their customers. Since Unocoin is the only crypto exchange with such plans, it is in a position to charge premium and skim the market until other players chip in.
But it would be a good sign if other players too come up with such machines and offer a competitive prices.
Ahem... looks like Indian Crypto ATM revolution in the making 😊
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Very good impressive .
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Great effort from unocoin to put 30 ATMs
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In a completely unclear situation of regulatory reforms for cryptos in India a great step taken by this exchange. Lets join our hands for its massive success.And as you said xyzashu the Indian crypto community will be glad to have various ATMs through out India from a number of exchanges and definitely this step is going to be proved as a revolutionary one.
Yeah, it was certainly a revolutionary step in the right direction but all plans went haywire for now due to negative administrative atmosphere.
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Hello @xyzashu
How good are these ATMs being implemented in India, already in South America there are also, in Argentina they are installed, In Colombia, specifically in Bogota which is the capital, there are also, if they told me that the transaction fee is very high, I have not done the test, but it is very simple and fast.
The issue is that as long as it is only one company that offers the service, without competition, the costs to the consumer of the service will always be high.
It is a matter of time for materialization is signaled this type of projects, I have faith in that.
Good to see such ATMs mushrooming across the world. Yes cost should fall down with increase in competition.
Hi @xyzashu undoubtedly Unocoin has come a long way by installing atm across the country. Its hope for us when we have tough time because of banking support ban.
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