The Cyber Crime Police in Bengaluru has enlisted a case against Unocoin for installing Bitcoin ATM in India without permission. A week ago Unocoin gave India its first cryptocurrency ATM which was installed at Bengaluru’s Kemp Fort Mall.
The Police also arrested the organization’s co-founder Harish BN (37). His several assets like mobile phone, two laptops, three credit cards, five debit cards, passport, five company seals and one cryptocurrency gadget were grabbed from him including Rs 1.79 lakh in real money. Before Harish was taken into custody, he was presented in the first ACMM Court B’luru.
Introduced by virtual money trade organization Unocoin, the Bitcoin ATM in Kempfort Mall, Bengaluru enabled clients to deposit and withdraw a minimum amount of Rs 1,000.
The Bengaluru’s Bitcoin ATM was set up in spite of the RBI ban. “The ATM kiosk installed by Unocoin in Bengaluru’s Kempfort Mall has not taken any permission from the state government and is dealing in cryptocurrency outside the remit of the law,” the Cyber Crime Bureau of the Central Crime Branch (CCB) expressed in a statement to the media.
‘Prohibition on Dealing in Virtual Currencies’ was the rule by RBI for the cryptocurrency. It stated that none of the financial establishments related with the RBI are allowed to bargain in the digital currency. The national bank had additionally expressed that digital currency isn’t lawful tender.
As reported by Quartz, it was touted as India’s first Bitcoin ATM and was introduced on Oct 14th, dodging RBI regulations against Bitcoin transactions. Unocoin also had plans to set up such ATMs in Delhi and Mumbai too. The company said that these ATMs have nothing to do with banking regulators, hence, do not violate RBI rules.
The News Minute reported that Bengaluru Bitcoin ATM was not yet operational. A few reports rose in the media both reprimanding and hailing the establishment of the ATM. This led to change its location.
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