Crypto ATM in Bangalore by Unocoin | Bitcointalksearch.org

BIPBot

jr. member

Activity: 43

Merit: 8

Quote from: glowing10 on October 17, 2018, 02:02:55 AM

It will be interesting to watch as what will be the reaction of the government and RBI on such ATM . Will they continue to allow in rest of India or will they curb this and ask them to remove it is what needs to be done as it could be again a election point for the parties.

Well we didn't have to wait long to see what the RBI thought about this.

Unocoin co-founder has been arrested and the ATM has been taken down. Worst part the ATM was not even operational. It was still in its final phase.

Then again what else can you expect from RBI.

Reference: https://www.ccn.com/unocoin-co-founder-arrested-over-non-functional-bitcoin-atm-in-india/

JSRAW

legendary

Activity: 2142

Merit: 1536

Sahi drama macha hua hai yahan. 1 week mein band karwa diya. so much for positive news lol. on 23th oct Bengaluru police seized the ATM even arrested the cofounder according to the news.

https://qz.com/india/1435092/unocoins-bitcoin-atm-seized-by-indian-police/

technosaviour

jr. member

Activity: 49

Merit: 13

It's a really great news. This is greatly reduce the FUD created by Indian media. Although it doesn't affect the people who are already involved in crypto but it was greatly affecting new money entering this market.

This ATM will being a lot of positive news
1. People will be aware this crypto is not illegal in India
2. New money will enter market
3. It will prove that RBI can't do anything until some actual
law is passed.
4. People getting scammed while converting crypto to
cash will reduce as they have a legitimate way.

About us:
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BIPBot

jr. member

Activity: 43

Merit: 8

Quote from: glowing10 on October 17, 2018, 02:02:55 AM

It will be interesting to watch as what will be the reaction of the government and RBI on such ATM . Will they continue to allow in rest of India or will they curb this and ask them to remove it is what needs to be done as it could be again a election point for the parties.

I personally feel that the Indian government would not have much of a choice if the US rules in favor of cryptocurrency. This is mainly because India and US have a good relationship which makes it more likely that India would adopt cryptocurrency in the likely event that the SEC rules in favor of cryptocurrency. Think of them as 2 brothers who want to see eye to eye. It isn't necessary they will follow each other every step of the way but the chances do increase significantly.

glowing10

full member

Activity: 812

Merit: 142

It will be interesting to watch as what will be the reaction of the government and RBI on such ATM . Will they continue to allow in rest of India or will they curb this and ask them to remove it is what needs to be done as it could be again a election point for the parties.

Suckerpunchman

newbie

Activity: 17

Merit: 0

It's true this helps a lot. This would be the first ever crypto ATM in India. And the India market presents a great deal of potential. This ATM does not involve any bank thus abiding by the rules and regulations of India.
This might provoke people to invest in cryptocurrencies

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

BIPBot

jr. member

Activity: 43

Merit: 8

Unocoin has officially announced the launch of its cryptocurrency ATM which will be operational from 16th October 2018.

Sathvik Vishwanath, Unocoin’s CEO, revealed this on news.bitcoin.com on Sunday.

Vishwanath emphasized, “All coins on Unocoin and Unodax can be bought using the money deposited through these crypto ATM machines. We presently have 30 differenct cryptocurrencies that can be bought.”

This can be a potetntial solution to RBI Crypto Banking Ban
Vishwanath clarified to news.Bitcoin.com that “The ATMs deployed by us do not need any banking partnerships. These are stand-alone machines that can accept and dispense cash,”

Reference: https://news.bitcoin.com/crypto-atms-india-unocoin-solution-rbi-ban/

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