RATE Group | Bitcoin Exchanges Shut Down in India and Pivot to ATMs, Demand Still There
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Bitcoin Exchanges Shut Down in India and Pivot to ATMs, Demand Still There

15 Oct Bitcoin Exchanges Shut Down in India and Pivot to ATMs, Demand Still There

Posted at 08:30h in Bitcoin News by

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To improve crypto-to-fiat liquidity in India amidst an ongoing banking ban, Indian exchanges are finding methods that could function inside the grey areas of law.

Unocoin in its latest announcement revealed its plan to launch a network of Bitcoin ATMs across India. The Bengaluru-based crypto exchange, which has been in the field since 2013 and currently boasts a 1.2 million customer-base, already introduced one crypto trading kiosk in its hometown. It enables users to exchange Bitcoin, XRP, Ethereum, Bitcoin Cash, and Litecoin for cash – and vice versa.

Decorated Bitcoin ATM in Bengaluru, India

The use of cash within the crypto trading framework is not new. In the wake of the RBI ban, people have already switched to p2p and unregulated over-the-counter trading to bypass the online banking limitations. Not only the method has resulted in the birth of unregistered garage exchanges, but it has also simplified the use of digital currencies in illegal activities, such as money…

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