After almost a week of rumours and speculation, the Indian exchange Unocoin has announced that they are, in fact, opening Bitcoin ATMs across the country.
Unocoin, a Bangalore-based cryptocurrency exchange, officially announced their ATM plans for the country. The exchange and it’s partners plan to open 30 ATMs concentrated on three of the biggest Metro’s in the country.
The cities that Unocoin is focussing on at the moment are its home ground Bangalore, the country’s financial capital Mumbai and the country’s capital New Delhi.
Unocoin’s ATMs are providing the country’s cryptocurrency market a viable way to cash in and out of the market. This is a functionality and option that has so far not been available in the country.
The Unocoin ATMs will adhere to the cash flow laws of the Indian government and finance industry standards. But will not have any ties with the banks and financial institutions of the country. These ATMs are a response to the ban that the Reserve Bank of India has imposed on the market.
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Work Around RBI Regulations
The cryptocurrency market and community in the country got a huge amount of bad news back in April this year. When the Reserve Bank of India announced a blanket ban on the market and ordered all banks and institutions registered with them to withdraw support immediately and slowly wean off the community from the support that they received from the banks in the country.
This announcement came in the form of a decree and allowed all these institutions a stipulated time frame of three months. Within which they were expected to completely suspend dealing and accounts.
After the initial shock faded, the decree was immediately challenged in court by many lead players in the community and market of the country. Many exchanges represented at High Courts of the country and eventually found themselves at the Supreme Court for the same.
While the case and petitions were under consideration, the Supreme Court denied the staying of the ban. And ever since the ban has been in full effect in the country. The verdict on the issue was expected at the beginning of August but was subsequently delayed.
So when questioned about the same, Unocoin revealed that the company’s ATMs would only adhere to the cash flow laws and impose a transaction limit for users. And would have no real connection to the banks or traditional government financial institutions in the country. The ATMs are actually totally independent of the country’s financial structure.
The main aim behind the company’s decision to release this method comes after a lot of turmoil. One of India’s leading exchanges shut down due to the same in the beginning of the month citing the ban. The sole focus of these ATMs is to allow their user-base an independent way to cash in and out of the market as and when they please without having to worry about the government’s support.
The first of these ATMs are set to open in the city of Bangalore. The company made this decision because Bangalore is the company’s home ground. The ATMs that will be inaugurated tomorrow are also expected to be open for business from tomorrow onwards.
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