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

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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.

India gets its first Bitcoin ATM in Bengaluru amidst RBIs crackdown on cryptocurrency

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.

Also Read | Ahmedabad: Crime Branch arrested former BJP MLA Nalin Kotadia in Bitcoin extortion case

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.

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