Bitcoin Forum

Is there a Bitcoin ATM or BTM in India ?

Would love see one in Banglore and Kerala ( due to remittance market )

I would like to know the opnions from community members


Thanks

ATM in India is established only with RBI's permission.

I wish there was a Bitcoin ATM in India. Not just in the two cities mentioned but all over India. Lets face it, Bitcoin adoption is extremely slow in India due to our inherent nature to play it safe all the time and BTC volatility does not help matters. BTC technologically is also very advanced for an average Indian to understand.
When you talk about remittances, i think its not much help, coz there is fees involved when converting BTC to Fiat, so its really additional cost and hassle (ofc lesser cost than a bank transfer maybe!). BTC ATMs can come up only if people adopt BTC as a form of payment and not measure it in Rupees or Dollars. 1 BTC = 1 BTC and not 1 BTC = XXXXX Rupees. The day people realize this and see it for what it really is (a Currency in its own right), ATMs will be pretty common imo! My 2 satoshi. ;D

so suppose I want to set up a bitcoin atm in Delhi, so will I need to take permission from the government first?
do you know from wherecan I buy a bitcoin machine?

Please don't rush with decision of buying machine. First thing you must worry about is regulation. You'll need to take permission from government. I don't know how ATM's are sanctioned. Previously I believed it to some task reserved for banks until I discovered ATM by Tata. I'll tell you procedure after conducting research.

If you're successful in establishing one, how you plan to provide liquidity?

@BTC INDIA

I am just doing a research now. Not even sure if any of the vendors which can do INR currency.I am based in London and i don't see much volume here though. 

Again the case of uncertainty ..! does anyone still know where RBI stands on BITCOIN ..? If ever one even gets the permission to setup a bitcoin ATM in India there are lots of other things to consider as mentioned above most people here likes to play safe or technically not that advanced to understand it, but it will surely help bitcoin to get the required attention ..! Even if it takes some 5 years to setup 1st BTC ATM in India I'll call it a win..!

I doubt the police will even know what is the machine for :) We might get away by telling them, that its an experiment.

Good one Arvind

This link might helpful for ATM operators.

http://rbi.org.in/scripts/NotificationUser.aspx?Id=7286&Mode=0

I was just kidding :)
But yeah, I have seen things take that path before.

The machines are very nice looking, can easily fit near a counter.

Main problem right now would be regulations, and I think its some way off to being cleared.

Rbi has a lot of regulations I think it not possible to have bitcoin atm in India.

Does the Indian Government legally recognize "BTC" within its "currency" gauge?

If it doesn't then is this RBI policy applicable? Can Bitcoin ATM's be thought as vending machines?

I believe there would be  no policies guarding that.

Would love to provide you with a legal opinion on the same. Did some research initially but then got occupied with millibits. Let me know if you require a proper legal opinion on the same.

Regards
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Kanishk Agarwal
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RBI hasn't explicitly come out with regulations on crypto-currencies, but in December 2013 they did come out with a press release cautioning investors.
http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=30247

Since the policy talks about virtual currencies, I guess you can't think of it as a bitcoin vending machine. Moreover, if it is a 2 way machine (Cash --> bitcoin and bitcoin --> cash), I guess compliance with KYC/AML clauses would have to be even more stringent.

We already had Enforcement Directorate raids on exchanges last year, to check whether they were violating foreign exchange / anti money laundering laws. So I guess people will be more cautious about setting up bitcoin ATMs in India.

so it is imposibble got atm machine ?

soon brother just patient :)

I don't see much utility except as a fancy item. Anybody wanting to buy Bitcoin can register on the few exchanges now available, get verified and buy from there.

iT WILL BUT WILL TAKE TIME TO GET ATM IN INDIA GUYZ ;)

Yes maybe take time but it will come soon.

If you are on vacation here is a map of BTC ATMs aroud the world, find the one is near to you...

http://bitcoinatmmap.com/find-bitcoin-atm-locator/

NO BITCOIN ATM HERE IN INDIA

Setting up a Bitcoin ATM might be risky and probably not so profitable considering that you purchase the Bitcoin ATM machine using Bitcoins. But that's not an issue at all, the real issue is getting the right permissions as a private ATM operator. Normally banks setup the ATM's and have permissions from RBI with security. Unlike abroad where smaller private companies can setup their own ATM machines, such facilities are hard to obtain here. Also the costs of buying and maintaining an ATM machine with security are high and the returns might be low considering low Bitcoin users.

Frst of all Indians are not familiar with btc, so how can we expect atms here... Many people here might even have not heard the word called btc ever...  Now slowly as we are raising our knowledge,  it is definitely going to take a lot of time for a btc atm to start in India.. And that too wil have a lot of feess and charges I guess...

Unless bitcoin become mainstream,btm is a distant dream.There are few btm in US,Japan and in Europe where percentage of bitcoin users are far more than in India how can we expect any btm in India unless RBI explicitly accept bitcoin as currency

I think that till government is not clear about Bitcoin technology and its fundamental we wont get ATM or BTM in India. This is all because of the Politician game, they dont want Bitcoin to take over the indian market. But it will come to India but it will take time.

For the current payment processors like paypal, rbi has some strict rules.. We Indians can't use the money in paypal and it will get auto-withdrawn to our bank account. ..
So, at this time, there is no scope for btc or btc atms...
We can exchange online for bank deposit but not atms...

I dont know about Paypal, but it is true that still RBI has not given any clarification on Bitcoins and still its position is in doubt, so till their is not any clarification on Bitcoins Technology in India , we cannot expect Bitcoin ATM in India. and it is right that we can do bank transaction but that too it will be some problem if you deal in big transactions.

Is it your assumption or do you have any example to cite to back up your comment?
What do you consider big transaction?Do you mean selling 100 btc or just 1 btc would also be considered a big transaction?

what do you mean by bitcoin machine??
and yes you must have to take permission from government before installing bitcoin atm.