India gets its first Bitcoin ATM in Bengaluru amidst RBI's crackdown on cryptocurrency

Bengaluru, Oct 17: A new ATM in Bengaluru's Kemp Fort Mall has become the latest face of the stand-off between India's crypto-community and its banking regulator.

The cryptocurrency ATM, India's first, was launched by the virtual currency exchange Unocoin on Oct. 14. Meant exclusively for Unocoin customers, this ATM can be used to deposit or withdraw money, which can then be used to buy cryptocurrencies from Unocoin's website or mobile app.

The introduction of virtual currency ATMs comes amidst turbulence in the country's cryptocurrency ecosystem, involving legal battles, low volumes, and tighter regulations.

In July, the RBI had stopped lenders from maintaining any business relationship with virtual currency exchanges and traders. Consequently, business at crypto exchanges has taken a severe beating.