Crypto ATM Criticized In Bengaluru-It was a very optimistic move for the Crypto-Sphere in India when a company from Bengaluru set-up an ATM for cryptocurrency on a popular street of the city. Installed by virtual currency exchange, Unocoin. The ATM allows customers to deposit and withdraw a minimum amount of Rs 1000 from the platform.

Unocoin

In spite of the administration and Reserve Bank of India’s (RBI) crackdown on cryptocurrency in India. Virtual currency company Unocoin still introduced a currency store and administering ATM at Kemp Fort Mall in Bengaluru.

Unocoin is one of the few cryptocurrency exchanges in India that have so-far survived a bank boycott issued earlier this year by the Reserve Bank of India (RBI), the nation’s focal money saving specialist.

First of its kind in India, this ATM rebels against the RBI’s direction towards bitcoin exchanges. RBI decided not too long ago that budgetary foundations related to RBI are not allowed to manage digital currencies. Nonetheless, ATMs are not a part of any budgetary foundation with RBI.

The police objected that Unocoin is not authorized to operate this type of ATM.

Furthermore, Alok Kumar, a commissioner from the Bangalore City Police station was quoted as saying that Unocoin did not have a license from Govt. Like the RBI, the Securities and Exchange Board of India “or any other agency”. Which would allow it to carry out bitcoin transactions.

“They were running it without obtaining any trade license from the BBMP [Bangalore government],” he said.

Not legal/ Illegal

Crypto ATM Criticized In Bengaluru-Unocoin’s co-founder and CEO Sathvik Viswanath, denied this accusation, saying “The [Finance] Minister’s statement was clear: cryptocurrencies are not legal tender in India. He did not say ‘illegal tender’. There’s a huge difference. It means you bear the risk of your investment and there’s no regulation for the industry.” Valid point!

Unocoin connected the ATM to allow investors to directly deposit Indian rupees to their accounts with the exchange. The company said last week it was planning to open several more ATMs in Mumbai and Delhi.

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