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.

romero121

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Quote from: Anarchist on October 26, 2018, 03:29:03 PM

So a war is going to start between the Indian government and Unocoin. What's the plan BTC for Unocoin because with the state it won't last forever.

I'm not sure Whether the news is true or not, but some news has rolled out stating that unocoin directors were arrested for the implementation of the atm. They have mentioned it is just a testing process, but the government authorities were not in a state of mind to accept it.

BitHodler

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I like how there are more services standing up to conduct business regardless of what the government's stance on crypto is. In certain countries it may not always be without risks, but what else is there to do?

If you let governments continue with what they have been doing for decades, nothing will ever change. We need the mass to stand behind these actions, because what will the government do? Imprison hundreds of thousands of people?

Governments are out to have the mass on their side, which is exactly what makes them so powerful. If we can get the mass to take a different path for once, it will directly benefit everyone caring about more freedom.

I know I'm probably thinking too far ahead, but with crypto we started a what might be an unstoppable revolution. We can at least try to use it in our advantage......

Moonmanmun

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I can only hope and pray that the Indian forces dont step in and make BTC illegal in the country.

Anarchist

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So a war is going to start between the Indian government and Unocoin. What's the plan BTC for Unocoin because with the state it won't last forever.

Fatunad

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Quote from: Gabali126 on October 26, 2018, 02:07:10 PM

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 love this daring attitude of Unocoin. Let's see how the Indian government reacts to this. I know with time, they will allow free crypto activities in the country.

When we do talk about reactions.Im quite puzzled why they do decide to proceed even if the government already set out some restrictions to them.? They are really putting up themselves into trouble.
Basing on the latest news that they are waiting for 2 weeks on what would be their jurisdiction towards crypto.If they would go positive then there would be no problems with these ATM Kiosk.

usekevin

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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

You had shared some good news for the people of India. Because the current news of bitcoin investment is based on own risk ,had fear the cryptocurrency traders in India to inverse.But the implementation of cryptocurrency ATM shows, cryptocurrency is not a illegal in India. India is the mostly popullated Country next to China. If cryptocurrency is legal in India,it made remarkable change in crypto world.

Gabali126

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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 love this daring attitude of Unocoin. Let's see how the Indian government reacts to this. I know with time, they will allow free crypto activities in the country.

Baofeng

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Quote from: Ctn on October 26, 2018, 12:06:05 PM

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

This is now old news dude, that ATM is already closed down and even ceased by the police.

UNOCOIN owner even got caught by police for doing this against the rules of India. RBI was against this and even no application or legal approval was taken by UNOCOIN for the installation of this ATM.

There will be no more bitcoin ATM now, the one which got installed is also uninstalled by them.

Aww. If this is true then India is really taking a hard line stance against crypto so I wouldn't be surprised if they really put a total ban. However, I do think that by now, bitcoin is totally unstoppable and that people will take the risk and will try to circumvent government restrictions. We have seen China doing similar things, but it didn't stop Chinese from engaging underground or p2p crypto transactions so India's moved won't deter this growing technology.

Ctn

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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

This is now old news dude, that ATM is already closed down and even ceased by the police.

UNOCOIN owner even got caught by police for doing this against the rules of India. RBI was against this and even no application or legal approval was taken by UNOCOIN for the installation of this ATM.

There will be no more bitcoin ATM now, the one which got installed is also uninstalled by them.

pumbum

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it adds another practice that bitcoin may spread despite the restrictions of the various parties

Herbys

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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

This Unocoin bypasses the ban legislation on cryptocurrency.

ATMs allow users to deposit or withdraw rupees directly to or from Unocoin accounts.

avikz

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Definitely it is the best step UNOCoin has taken to bypass the current RBI regulation. If you have bitcoin and other supported cryptos in UNOCoin account, you can simply withdraw cash from this ATM without going though a p2p mode and save a lot of hassles.

This way, Indians will not have to do anything illegal or use their bank accounts. So it's a great step to bypass the legal obligations that India has put in place against crypto.

ongkok87

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Quote from: omorfi on October 18, 2018, 11:10:06 AM

It is very pleasing to see the bitcoin ATM news that has been put into service in a new country. I hope we see in the near future the news that all obstructions on Bitcoin have been removed.

it's true that with many countries that have established bitcoin ATMs, it will make bitcoin more developed and many people in this world who don't know about bitcoin know better. so I hope that bitcoin can be quickly received in all countries in the world

Brawnsugar

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Quote from: andriw on October 18, 2018, 11:27:52 AM

RBI said services such as "maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts related to purchase / sale" of virtual currencies should be stopped. Cry

I think that is bad for cryptocurrencies in India, because it is not a legal tender. Establishing an ATM is a brave step because it is likely to be shut down by the RBI.

Right..I see the RBI clamping down on this move sooner than later. It's still against their stance. But the question remains, how long will they continue to fight it? Wouldn't it be better if they put regulations in place? Crypto is something they cannot stop. Putting a ban on it hasn't stopped Indians from trading cryptos, this the government should know

andriw

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RBI said services such as "maintaining accounts, registering, trading, settling, clearing, giving loans against virtual tokens, accepting them as collateral, opening accounts of exchanges dealing with them and transfer / receipt of money in accounts related to purchase / sale" of virtual currencies should be stopped. Cry

I think that is bad for cryptocurrencies in India, because it is not a legal tender. Establishing an ATM is a brave step because it is likely to be shut down by the RBI.

omorfi

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It is very pleasing to see the bitcoin ATM news that has been put into service in a new country. I hope we see in the near future the news that all obstructions on Bitcoin have been removed.

hubballi

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Actually you can do transactions in fiat currency through person to person but everything is on own risk, and their is battle going on between crypto currency exchange vs RBI against the restriction given to banking system to cancel the account who are doing business in cryptocurrency.

Being a democratic country it is a peoples choice to do what ever they want until it is not illegal activity.

jademaxsuy

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If this is against the law to be implemented by India about cryptocurrency then this things that they implemented about cryptocurrency in India will be ban. Maybe for now the cryptocurrency in India still works for it is still under some studies on either cryptocurrency could be accepted or not. This is only a matter of time on the decisions about cryptocurrency in a certain country like India.

hubballi

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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

Topic: Bitcoin ATM started in India despite RBI restrictions. (Read 348 times)