Bitcoin Holders Glad about Cryptocurrency ATM in Bengaluru

Bitcoin Holders Glad about Cryptocurrency ATM in Bengaluru

October 18, 2018 Off By Maheen Hernandez

While most of the Indian Population is still trying to understand what makes cryptocurrency a sum of money and what about blockchain relates to computers, there is a cryptocurrency ATM already installed in Bengaluru.

This is quite a bold move by the company after Finance Minister Arun Jaitley declared the cryptocurrency as not a “legal tender.”

India Times states Jaitley as stating “The government does not recognize cryptocurrency either as a legal tender or a coin.  The government will take measures to eliminate usage of these crypto-assets in financing illegitimate activities or using it as part of the payments system.”

This ATM will allow an indirect purchase with cryptocurrency.  The cryptocurrency will be converted to Indian money right there at the mall, and this is made possible without having to go through the Indian Banking System. This ATM is installed at the Kemp Fort Mall in Bengaluru.

Thus the cryptocurrency ATM in India has played a clever card in circumventing the RBI ban on crypto and the related regulations.

KYC complaint clients with Unocoin account will have a User ID and OTP that they can use to deposit the money into the ATM.  The whole process happens via the SMS received on their mobile phones.  These crypto funds can further be used to purchase Ethereum, Unodax, Bitcoin and more than 30 different crypto assets.

Of note, RBI, the Central Bank of India formulates and regulates the monetary policy of India ultimately bringing financial stability in India. The RBI regulates the credit system and the currencies of India.

It is also noteworthy to remember that the RBI cracked down on the cryptocurrencies and also filed an affidavit at the Supreme Court stating that Bitcoin and the related cryptocurrencies cannot be identified under the legal regime.

RBI stated that “Virtual currencies are neither money nor currency” further stated that “they cannot be considered as a valid payment system.”

India is currently drafting its crypto regulations.  While the Supreme Court had been continually waiting to hear the RBI, the hearing has been continually postponed because the draft is not yet ready.

There were 32 traders in a survey who stated that they would continue with crypto investments even if RBI cracks down intensely and freezes the crypto accounts.  There were 12 traders who stated they would continue trading and another 6 stated they would discontinue trading of cryptos.

There were nearly 36 traders of a belief that the Indian Government would amend their laws in a way to accommodate cryptocurrencies.  There are firm beliefs that regulators will remove their restrictions on the crypto.

When the traders were questioned about their preferred method to cash out the crypto into rupees, some preferred to cash out making use of peer-to-peer sites. About 5 traders preferred to make use of local cash deals, and some were willing to use gift cards and other kinds of online deals. There were those who preferred to make use of prepaid Mastercard and Crypto card services.

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