Bitcoin ATM started in India despite RBI restrictions.

jcpone

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Quote from: timerland on November 04, 2018, 03:59:14 PM

From what I've heard they've already taken down the bitcoin ATMs, there has apparently been definitely some legal issues with the installation of the ATMs it seems.

I'd say that it was a far fetched idea at best anyways. The fact is that it was a matter of time before the RBI would catch onto what Unocoin is doing, and since it does involve fiat currencies if I understand correctly, they're extra sensitive about it.

With the current climate regarding cryptocurrencies in India it's for sure a risky proposition for any company to try to start their own bitcoin ATMs or even just continue to operate their existing businesses, which is sad tbh.

You're right mate. I heard the news about a founder of a Bitcoin ATM in India had been arrested cause the cryptocurrency exchange kiosk is not legal in India. As far as I know, cryptocurrency is not accepted as a legal tender in India. Tbis seemed to be a sad news for cryptocurrency industry cause another third world country such as India doesn't accept bitcoin.

blackhawkeye1912

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Having functional Bitcoin ATM in India is a significant step for India to accept and recognize bitcoin as well as the rest of the cryptocurrency. Little by little, cryptocurrency is being moved closer to the people.

fasdorcas

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Quote from: Vishnu.Reang on October 27, 2018, 12:08:30 AM

One of the reasons why they are taking such a hostile stand is due to the falling value of the Indian Rupee. INR has lost almost 10% of its value ever since the beginning of the year. The central bank is saying that part of the reason is crypto-currencies such as Bitcoin.

I don't know how long it could stay there. I mean I still think the ATM world for bitcoin is not really needed that much aside from maybe staying anon for a transaction but do we really need it that much? After all you can use a bitcoin exchange and almost all countries in the world has a bitcoin exchange tied to a bank in that country and you can simply use that.

Get an account on your local bitcoin exchange, send your bitcoins or if any other is available those coins as well, sell them on that market and get the local fiat currency for it and withdraw that to your bank account. It is already quite simple, why would anyone want to put anything above that is beyond me. If you feel like it would be illegal in your country just use banks like HSBC, they are global and can't be touched.

squog

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Wait i thought India banned crypto currency. Then again, i think this is a sign that India is welcoming crypto currency again in their country. Thay fact that this happened mean that we can see a precidence that other countries that ban crypto currency can follow to. I just hope India and other countries that ban crypto currency changes their minds.

timerland

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From what I've heard they've already taken down the bitcoin ATMs, there has apparently been definitely some legal issues with the installation of the ATMs it seems.

I'd say that it was a far fetched idea at best anyways. The fact is that it was a matter of time before the RBI would catch onto what Unocoin is doing, and since it does involve fiat currencies if I understand correctly, they're extra sensitive about it.

With the current climate regarding cryptocurrencies in India it's for sure a risky proposition for any company to try to start their own bitcoin ATMs or even just continue to operate their existing businesses, which is sad tbh.

shield132

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Maybe a good news, maybe because as we see, there are many bitcoin ATMs worldwide and they have so huge fees, sorry but if they exist doesn't matters, you simply can't use them because these ATMs charge a lot. When there are less ATMs and demand is high, it has to lead low fees but during this 10 year, it was never like this.
Hope new companies will come on ATM market which will try to lower prices.

sana54210

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Quote from: Vishnu.Reang on October 27, 2018, 12:08:30 AM

One of the reasons why they are taking such a hostile stand is due to the falling value of the Indian Rupee. INR has lost almost 10% of its value ever since the beginning of the year. The central bank is saying that part of the reason is crypto-currencies such as Bitcoin.

I think it is a great thing that someone was brave enough to do this but when there is restrictions and you do it anyway it usually doesn't really go well for you. If you want to do something brave just spend your money on the legal stuff or stay inside the restrictions.

The best way to keep an ATM in a country even if its not legal is the airports. Airport parts for other countries becomes more like "grey zone" than inside places so in India at the airports where people go to other countries you can put an ATM and still be legal, you can't put it at the place where people from india to other indian countries but you can definitely put it on part where people fly from india to other countries. That way you can both have ATM in india and plus still be legal and not have troubles.

avikz

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This news was indeed great for all crypto lovers of India, however, it seems that Unoccoin owner has made some mistake due to which he has been booked by the police already. The news was published by Times of India on October 24, 2018.

News link: https://timesofindia.indiatimes.com/city/bengaluru/1st-bitcoin-atm-in-bengaluru-seized-co-founder-held/articleshow/66340493.cms

With this step, no other crypto exchange owner will dare to install any further crypto ATM in India.

BitHodler

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Quote from: Indrawan77 on October 27, 2018, 01:23:22 AM

Well its not good at all, if the status crypto is unclear then it's all right to try introduce and put the atm machine, but the situation now crypto is under heavy focus by the government it could lead to the total ban, and it also could increase the negative reputation of crypto, when the total ban or something bad happen then it could lead to the heavy falling of crypto, its a very bad idea

If you look at what happened in countries that prohibited certain forms of crypto use, you'll see that the local markets have exploded directly after that. That's what I consider to be a sign of strength.

If people didn't bother to shift to the local markets, it would signal to the governments that prohibiting the use of crypto actually works, which I'm glad to say that it doesn't, or at least not entirely.

The more governments start work against crypto, the more they start to piss off regular folks. People shifting to local markets means a loss of power for governments trying to dictate every aspect of their markets.

The best way to deal with crypto from the side of the government is to fairly regulate it, which means that people have way less incentive to even use local markets. I'm sure they'll come to that conclusion eventually.

talkbitcoin

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All I know is that I know nothing.

the person (company) who started this ATM business in India was simply trying to avoid the restrictions and also use this situation with Indian banks to make some money by providing a very needed service in India for people to be able to buy bitcoin.
which is why he was blinded by greed and forgot to think about legal precautions of installing an ATM without a license so he was arrested Cheesy

kakonhat

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Quote from: hubballi on October 18, 2018, 10:14:02 AM

Here is the full article about it:

https://www.timesnownews.com/business-economy/markets/article/bitcoin-atm-india-s-first-bitcoin-kiosk-launched-in-bangalore-despite-rbi-fm-jaitleys-warnings/300677

UNOCOIN a indian exchange started its ATM Kiosk in Bangalore , which enables users to withdraw first currency by selling bitcoin, ethereum. Soon they are going to install same ATM Kiosk in Mumbai and Delhi.

What do you think that it is a good news for the cryptocurrency world

If all are well there is no doubt that it's a totally amazing news for the crypto holder, investor. We expect more and more opportunity to get easy the process of Cryptocurrency buying and selling.

maarx

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Quote from: hubballi on October 18, 2018, 10:14:02 AM

Here is the full article about it:

https://www.timesnownews.com/business-economy/markets/article/bitcoin-atm-india-s-first-bitcoin-kiosk-launched-in-bangalore-despite-rbi-fm-jaitleys-warnings/300677

UNOCOIN a indian exchange started its ATM Kiosk in Bangalore , which enables users to withdraw first currency by selling bitcoin, ethereum. Soon they are going to install same ATM Kiosk in Mumbai and Delhi.

What do you think that it is a good news for the cryptocurrency world

I heard this news and yes so exited. Happy to see crypto moment started taking place in the nation. Most probably, other matro cities will soon have crypto ATMS installed. An indirect support from the government is seen by listening to such news.

There seems to be too many hidden good news in line. A coin is going to be launched by the government I suppose. In one or two year, there will a crypto coin called 'Laxmi'. Lets wait and receive.

Vishnu.Reang

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Quote from: fauzan Ichsan on October 27, 2018, 02:45:06 AM

Quote from: Vishnu.Reang on October 27, 2018, 12:08:30 AM

One of the reasons why they are taking such a hostile stand is due to the falling value of the Indian Rupee. INR has lost almost 10% of its value ever since the beginning of the year. The central bank is saying that part of the reason is crypto-currencies such as Bitcoin.

of course, many Indian people are investing in bitcoin, so that demand has decreased, and as we can see depreciation began at the beginning of the year. of course the government must have a specific policy, so that bad things don't happen

The government does have a clear-cut policy and they want to ban Bitcoin. But at the same time, they also know that it is not possible. So they are trying to scare people away from dealing in Bitcoin and other forms of crypto-currency.

Akpuv

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This Bitcoin ATMs are really trending fast. First it was in Russia, later I heard of a similar thing in Belgium and now India. It means we are going places with Bitcoin and crypto. Only the sky can be the limit.

iged_war

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Quote from: fauzan Ichsan on October 27, 2018, 02:45:06 AM

Quote from: Vishnu.Reang on October 27, 2018, 12:08:30 AM

One of the reasons why they are taking such a hostile stand is due to the falling value of the Indian Rupee. INR has lost almost 10% of its value ever since the beginning of the year. The central bank is saying that part of the reason is crypto-currencies such as Bitcoin.

of course, many Indian people are investing in bitcoin, so that demand has decreased, and as we can see depreciation began at the beginning of the year. of course the government must have a specific policy, so that bad things don't happen

usually common policy to make their currency appreciate again was rise the interest rate, so much money prefer to buy it currency that will give them high yield.and while fiat currency decrease usually its fund move to another market.

fauzan Ichsan

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Quote from: Vishnu.Reang on October 27, 2018, 12:08:30 AM

One of the reasons why they are taking such a hostile stand is due to the falling value of the Indian Rupee. INR has lost almost 10% of its value ever since the beginning of the year. The central bank is saying that part of the reason is crypto-currencies such as Bitcoin.

of course, many Indian people are investing in bitcoin, so that demand has decreased, and as we can see depreciation began at the beginning of the year. of course the government must have a specific policy, so that bad things don't happen

Indrawan77

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Quote from: CryptoAssasin on October 27, 2018, 01:01:11 AM

That is a good news for cryptocurrency in terms of advertisement by those people who will see the ATM and may potentially boost the adoption to india which may also be a way for that restriction to reconsider if in case that a massive adoption go well for india. It was just a restriction and not a total ban for bitcoin so that ATM might also be a test from a government of india how will their citizen reacts to that steps made.

Well its not good at all, if the status crypto is unclear then it's all right to try introduce and put the atm machine, but the situation now crypto is under heavy focus by the government it could lead to the total ban, and it also could increase the negative reputation of crypto, when the total ban or something bad happen then it could lead to the heavy falling of crypto, its a very bad idea

CryptoAssasin

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That is a good news for cryptocurrency in terms of advertisement by those people who will see the ATM and may potentially boost the adoption to india which may also be a way for that restriction to reconsider if in case that a massive adoption go well for india. It was just a restriction and not a total ban for bitcoin so that ATM might also be a test from a government of india how will their citizen reacts to that steps made.

Vishnu.Reang

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One of the reasons why they are taking such a hostile stand is due to the falling value of the Indian Rupee. INR has lost almost 10% of its value ever since the beginning of the year. The central bank is saying that part of the reason is crypto-currencies such as Bitcoin.

becak mesin

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It sounds very good and I would like to hear such this news from other countries after India. It is good for future of crypto currency, as long as this dosen't break the law and regulate well in India, it will contribute much for the crypto improvement. Others probably need to see and adopt India ATM systems for crypto. It shows that Crypto currency goes a step forward.

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