India’s first Unocoin’s Bitcoin ATM seized

October 24, 2018 2 By HimaBindu P S

bitcoin india

The recent hype following the release of “India’s first Bitcoin ATM’ Kiosk by Unocoin company is now seized in bengaluru. Cryptocurrency Automated Teller Machine [ATM], two laptops, a mobile phone, five debit cards, three credit cards, a passport and five seals of the Unocoin company,a cryptocurrency device and Rs 1.8 lakh was siezed by Central Crime Branch sleuths.

Harish BV, the co-founder of Unocoin, was also arrested for running the Bitcoin ATM kiosk

The authorities reported that the ATM was illegal and had been set up by Harish without taking prior permission from the proper authorities. He was produced before the ACMM( Additional Chief Metropolitan Magistrate) court, then sent him to police custody for seven days. Police said that more arrests were likely to happen in the future.

India's first bitcoin ATM kiosk in bengaluru presented by Unocoin company

India’s first bitcoin ATM kiosk in bengaluru Kempfort Mall presented by Unocoin company

According to police, the kiosk was a platform for bitcoin buyers and sellers. They also requested the public to not invest their money into cryptocurrencies by being attracted to it, expecting to make huge profits.

Unicoin's co-founder SathvikVishwananth and BVHarish

Unicoin’s co-founder SathvikVishwananth and BVHarish

Unocoin co-founder Sathvik Viswanath defended, saying that it’s perfectly legal in India to buy or sell bitcoins. He added: “The minister’s statement was clear, he stated that cryptocurrencies are not legal tender in India. He did not say ‘illegal tender’. There’s a huge difference. It means you bear the risk of your investment and there’s no regulation for the industry.”
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