Topic: Unocoin one of the largest exchange in india plan to launch Crypto ATM in india. (Read 325 times)

India deserves that honor ,it's a country full on talented people ,its good news that bitcoin ATM is planned to launch there and how true is this news ? I hope its not one of those fake news again

'Illegal Bitcoin ATM' was mainstream media's headline and it wasn't true.

That ATM/Kiosk didn't dealt with Bitcoin, it was just a medium to withdraw/deposit INR from individual's Unocoin account.

good news for unocoin.

for what its worth, this arrest has not been so much about an "illegal bitcoin ATM" but more because of it being an "illegal ATM". of course it being used for bitcoin must have increased the tension and obviously the drama about it but in reality it was an illegal ATM that they placed without any kind of license which is why the arrest of the co-founder took place.

If Unocoin is leading the crusade ..better stay home.
Police Arrest Indian Crypto Exchange Co-Founder for Unregistered ‘Illegal’ Bitcoin ATM
https://cointelegraph.com/news/police-arrest-indian-crypto-exchange-co-founder-for-unregistered-illegal-bitcoin-atm


And failing miserably at it, you don't go against the laws, you try to change the laws or you end up like this guy.
I honestly don't know what was in their heads while doing this, probably they've got blinded by the huge fees they were going to
stash their pockets full of and ignore the risked.

That's a valid question and I am glad that you asked! As per the current legislation, there is no provision for ATM or related service, neither p2p transactions. That is the reason why p2p transactions are on rise after the banking ban. That's basically a loop hole in the existing legal framework.

UNOCoin is trying to explore that loop hole currently. They have installed one ATM in Bengaluru where there HQ is located and next month they are planning to open one in Mumbai. However, if the regulator decides to ban the entire crypto scenario in India, ATMs will not be allowed to operate for sure! However, a court case is ongoing and we are just hoping for the best.

But do you think this project will be allowed to operate?
I personally do not think this project will survive.
I do hope that regulations on cryptocurrency in India will loosen up.

In the first place, May we know here how much does unicoin per value, if there is? I also read what is stated in the above link I quote that
Unocoin, which boasts 1.2 million customers, launched its C2C trading platform Unodax which currently supports 4 base coins and 41 C2C trading pairs. Therefore, 1.2M customers is not exactly sure then, right? But if this is true like what the other comments here, its an additional impact of great news again for the Bitcoin and crypto enthusiast either if this all rumors will be implements.

It would be amazing to see crypto currency coming into the reach of the masses in India. This will give people a good opportunity to improve their lives and finances, if they go about it the right way.

I have watched the replies very carefully and I see that a lot of members have raised various concerns on UNOCoin's service fees, Privacy policy etc. I too agree with most of them, only I don't see these as a roadblock. Instead I consider this step of UNOCoin as a revolutionary one. Everyone is missing one major point here,

Indian Banks have banned crypto related transactions. Even though p2p mode is still active, but it won't be long before RBI starts cracking those down as well if the governments turns more hostile. Another large exchange Zebpay has already shut down their business and moved abroad. So UNOCoin has provided us a way to effectively bypass the banking ban in INDIA, isn't it??

A lot of people are skeptical and looking for negative points only, but the truth is that, with this ATM service, crypto users will no longer need to rely on a bank account. Instead they can directly withdraw cash against their deposited cryptos. It is always better than having a non-performing asset due to banking ban. I hope it will start making sense to all once RBI starts cracking down the p2p mode of transactions.

I don't know about others, but I consider UNOCoin as a crusader among us in the fight against government. The ATM will help us in the baddest time of banking ban in India. Mark my word!

This sounds more like a monopoly in Indian crypto market. They should allow other users to also take advantage of this facility. They can charge some extra pennies for non Unocoin customer and provide this service. This will spread good message about the exchange, which will create more business.

I am still confused with this news, RBI bans bank to transact with exchange, How will they arrange cash for these ATMs

Have anyone here used Unocoin to buy cryptocurrency? Trading fees are quite high (0.70% flat fees). In our Cryptocurrency Exchange List, its rating is only 3.5.

All the best,
Cryptowisser

It sounds extremely good and happy news for Crypto users or customer around the world, moreover for Indians people. It means that Cryoto is well recognized and improved, Crypto is improved towards better for future. Now it is happening in India, tomorrow it will be on other countries.

It will be the first drop of rain, indin state bank already requested to government to ban bitcoin & the case in Supreme Court of India.
If Supreme Court allows digital currency then India becomes a big market of crypto & not only Unicon but other exchanges will also introduce.

Is this information accurate? If this is true then that is really good news. I heard information about India they stopped supporting electronic money. If this is true then it is a positive news and creates new hope for bitcoin adoption by the Indian government.

as far I know, those BATMs are only for Unocoin users, not for Mass Bitcoiners.

but from what I have seen, there has ben no "crack down" of cryptocurrency in India! what we had was the Reserve Bank of India stopping their support of anything cryptocurrency related and people switching to p2p ways of trading bitcoin.
this move is a move to make more money as long as people need alternative ways of trading bitcoin. so it is more like taking advantage of an opportunity with their outrageous fees.

I posted a topic already here, but this is kind of like what a Singaporean-based start-up is doing - but they are creating actual 'physical bitcoin' in card form

An ATM  that works only for Unocoin customers, meaning goodbye privacy as they require KYC
and works with cash only as outrageous prices.

And from their own blog post:
https://blog.unocoin.com/how-do-bitcoin-atms-work-b774828bd9ad


What would be the point of such a machine? You can do that easily on an exchange without a horrible 5-10% fee on every transaction.

Considering the crack down of cryptocurrency activities in the country,this happens o be a bold one,there happens to be more and more cryptocurrency ATM machines this days, it's obviously a very good sign for this network

I hope soon we'll have cryptocurrency atm's that'll deal strictly on cryptocurrencies,no conversion to cash, or cash to crypto,just cryptocurrency related activities alone

It'll boost our cry for mass adoption