India gets its first crypto ATM amidst RBI ban - tight slap to the regulators

[avikz]

India's first crypto ATM launched in Bengaluru by UNOcoin.
It's located in Kemp fort shopping mall which can be used to deposit or withdraw money from UNOcoin platform.

News link: https://qz.com/india/1423842/india-gets-a-bitcoin-atm-amidst-rbis-cryptocurrency-crackdown/


The news holds a very significant value because India is one of those backward countries which is resisting cryptos by imposing banking ban. Indian people can now purchase and trade cryptos without using a bank account.

A tight slap and a right step against the backward thinking religious government of India (don't mind, I am an Indian too). The company is planning to install total 30 ATMs in India within the first quarter of 2019.

Will it be an effective method to bypass the regulations and banking ban india? Share your thoughts!

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[Marshall14]

This message is definitely only to the benefits of the Unocoin customers,so much for a decentralized system huh....this is strictly a ploy to boost it's fan base without the entire cryptocurrency sphere at heart.

I personally do not like Unocoin,and I'm definitely not on their platform,so I really do not like the idea that the service is strictly for it's customers..

I doubt it'll survive the test of times...

[avikz]

This message is definitely only to the benefits of the Unocoin customers,so much for a decentralized system huh....this is strictly a ploy to boost it's fan base without the entire cryptocurrency sphere at heart.

I personally do not like Unocoin,and I'm definitely not on their platform,so I really do not like the idea that the service is strictly for it's customers..

I doubt it'll survive the test of times...

I understand your point and agree to the most of it. However, I really believe that it can be a game changer for India because India gets a banking ban on cryptos. A famous crypto exchange zebpay already shifted their business to Singapore. The only option left for crypto users in India was p2p trading which comes with a significant risk of being scammed by the other party!

Here such risk will be eliminated. Also as a business entity UNOcoin will certainly want some commissions from you for providing such convenience where you can't use your bank account to trade crypto. You get hard cash in your hand without having to go through any banking channel now. That is certainly a plus point for crypto users like us!

[richan]

India is very good in information technology and the government should make policies that will assist I.T users to access the blockchain and use bitcoins as their online payment processor rather than the government chasing them out of business. I think the ATM is going to revolutionary how the indigines perceive blockchian.

[pooya87]

Will it be an effective method to bypass the regulations and banking ban india? Share your thoughts!

what i heard is that they have outrageous fees and to me these ATMs look more like some company that is trying to take advantage of the current situation in India and make a lot of money from the demand that exists in this country and lack of ways for purchasing bitcoin.
i don't think people are going to use it much because of it and because of the fact that there are other p2p methods that they have been using that don't have that kind of high fees.

[darthmaul]

Will it be an effective method to bypass the regulations and banking ban india? Share your thoughts!

what i heard is that they have outrageous fees and to me these ATMs look more like some company that is trying to take advantage of the current situation in India and make a lot of money from the demand that exists in this country and lack of ways for purchasing bitcoin.
i don't think people are going to use it much because of it and because of the fact that there are other p2p methods that they have been using that don't have that kind of high fees.

Indeed.

First of all, Unocoin as a company has taken best step ever to step out in the crypto world and become India's number 1 crypto platform within India.

If we look at the current situation in India, then you will notice that even India's early #1 exchange that is ZebPay closed their doors for any further transactions. I guess if they were not in the position of setting up these things being #1 then there should have been something that might have thought about it.

For example, ATM's may not work because RBI will surely interfere with these things one day. Its India, things can go rigorous and political too.