Bengaluru: Silicon City has become the first in the country to have a bitcoin ATM. A virtual currency exchange, Unocoin, has installed the currency deposit and dispensing machine at Kemp Fort Mall on Old Airport Road.
The kiosk allows its customers to deposit and withdraw a minimum amount of Rs 1,000. The company, acknowledging the RBI's notification on 'Prohibition on Dealing in Virtual Currencies', said that it is only trying to accommodate newer mechanisms and solutions to reduce regulatory hurdles. Users will have to make a request by visiting the Unocoin website or through mobile platform and specify the desired amount for withdrawal. A 12-digit reference number from Unocoin is then sent to the user. Post that, the user can visit the ATM, enter the reference number and OTP received on their registered mobile number to withdraw the cash.
The pilot ATM is not operational yet. Unocoin plans to put up similar ATMs in Mumbai and Delhi.
