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Unocoin delivers India's first bitcoin ATM

October 23, 2018

Unocoin Technologies Private Ltd., a bitcoin trading and transaction portal has installed India's first bitcoin ATM in Bengaluru, capital city of the state of Karnataka. 

The machine, which is expected to go live soon, will allow registered customers of Unocoin to buy and trade bitcoin and Ethereum, and exchange an additional 24 more widely known cryptocurrencies, according to a report by New Indian Express. Transactions will be limited to a total of 10 bitcoins per day per customer.

The ATM installation comes amid uncertainty about the future of cryptocurrency in India, where, as in many countries, its status as an asset remains unclear. India's central government has prohibited the nation's financial institutions from dealing in or with virtual currency, the report said.