After RBI ban on banking transactions of crypto exchanges in India, investors experienced huge problems to convert cryptocurrency to fiat and fiat to cryptocurrency. However, some exchanges launched P2P transaction to continue the crypto business. But after some time it is found that P2P transaction carries some drawbacks. Now Unocoin, a reputed Banglore-based crypto exchange in India, decided to launch 30 Crypto ATMs in 3 Cities of India which may replace P2P transaction model or may induce those exchanges who are already running P2P transaction model to launch crypto ATM.
The project is still in under development, however, Unocoin has already installed one ATM which can be used only by Unocoin users. No other users with credit and debit card will be allowed to use this ATM. Deposit and withdrawal limits are minimum 1000 rupees in multiples of 500 rupees.
How a user can deposit and withdraw INR using Unocoin ATM
A user needs user ID to deposit INR in Unocoin and Unodax account. When a user enters his user ID, he will get the OTP (One-time password) on his registered mobile number which he needs to enter to confirm his account details and depositing INR into the ATM machine. Once the details are confirmed, his INR will be credited into his account.
In order to withdraw INR, users first need to visit Unocoin website or Unocoin mobile app to make a withdrawal request. Then they will have to enter two data into the ATM – A 12-digit reference number and the OTP that they will receive from Unocoin to verify the account details. Once the details are verified, the requested funds will be provided to the users.
Source:
https://news.bitcoin.com/crypto-atms-india-unocoin-solution-rbi-ban/?utm_source=OneSignal%20Push&utm_medium=notification&utm_campaign=Push%20Notifications
https://blog.unocoin.com/how-do-bitcoin-atms-work-b774828bd9ad