One of the major exchanges in India announced the launch of 30 cryptocurrency automated teller machines (ATMs) in the region. As disclosed by the company’s CEO Sathviks Vishwanath, the exchange plans to deploy these machines to three major cities for operations.
Vishwanath said that these ATMs would help people to cash in and out, which was not possible before due to the ban on crypto banking imposed by the Central Bank of the country.
The launch of these ATMs got confirmed last week when one of these machines was spotted by someone who then posted its picture on social media.
Viswanath disclosed on Sunday that;
“The first ATM will be operational in Bangalore tomorrow. In the first phase, we plan to deploy 30 machines. The first one is in Bangalore followed by Mumbai and New Delhi in the upcoming week.”
Customers of Unocoin, a crypto-to-crypto trading platform will be allowed to make deposits and withdrawals in Rupees using the new ATMs. The crypto exchange stated that the crypto ATM users will be subjected to some limits on deposits and withdrawals per transactions daily due to the cash handling restrictions in the country.
The minimum deposit and withdrawal amount is 1,000 Rupees ($13.57) and it should be in multiples of 500 Rupees as stated by the exchange.
Viswanath further disclosed that they have 30 coins that can be bought both on Unocoin and Unodax through the money deposited via the ATM machines.
The company’s latest launch of ATMs is seen as a solution to the ban issued by India’s central bank in April. The Reserve Bank of India banned financial institutions under it’s control from providing services to cryptocurrency related businesses.
These ATMs deployed by the company do not need any banking partnerships, as they can accept and dispense cash on their own.
Viswanath elaborated on the ATMs features, stating that the gap created by the RBI’s restriction on banks not to provide accounts to crypto users in the country has been filled completely.
The move by the crypto exchange is a welcome development even in an unfriendly crypto environment. It is hopeful that crypto exchanges in other crypto unfriendly climates would adopt this method to make cryptocurrency transactions easy for its users.