Just days after India’s first cryptocurrency ATM launch, Bengaluru police has seized Unocoin’s ATM kiosk and arrested the co-founder Harish BV. According to news reports, the ATM was considered illegal because it was set up without proper approvals.
The Central Crime Branch also seized laptops, credit and debit cards, cash and a passport, in addition to the ATM. Harish was produced before the additional chief metropolitan magistrate court which sent him to police custody for seven days. The worst is not over yet as the cops have indicated that more arrests in the case are likely.
It is highly frustrating to see that the ATM has been deemed illegal without proper investigation into the matter. Unocoin has maintained that buying and selling cryptocurrencies are perfectly legal in India. We also believe that this was an ad-hoc reaction since the cryptocurrency matter is yet to be presented at the court. We urge the government to clarify their stand on cryptocurrencies so that entrepreneurs in India do not suffer like this!