Dated : Oct 22 2018
Cryptocurrency exchange Unocoin has unveiled an ATM in Bengaluru which aims to bypass the Reserve Bank of India (RBI) diktat banning banks to do any business with cryptocurrency companies.
Using the ATM, Unicoin users can deposit and withdraw cash in legal currency from their respective Unocoin account. The company said it will open more such kiosks in Mumbai and Delhi in a couple of weeks.
“Due to the RBI’s recent notification on ‘Prohibition on Dealing in Virtual Currencies’, our banking relationships were disrupted some time ago. Since then, we were in process of deploying new mechanisms for INR deposits and withdrawals. This was not a small undertaking and it took us some time to deploy new solutions, and now we are here with the implementation of Kiosk,” Unocoin said in a statement.
Link : https://www.moneycontrol.com/news/business/cryptocurrency/unocoin-launches-atm-to-bypass-rbi-diktat-on-cryptocurrencies-3069721.html