A podcast report from Coin Survey, 25 October 2018.
India crypto exchange Unocoin, introduced the country’s first Bitcoin ATM in Bengaluru, over a week ago.
It has been shut down by the police calling it illegal as it had been set up without approval, as reported by Times of India.
The bitcoin ATM kiosk was seized and co-founder of Unocoin, Harish BV was arrested.
The Central Crime Branch (CCB) stated, “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.”
Unocoin co-founder Sathvik Viswanath voiced resentment and added,”We got a lot of bad press after the finance minister announced a ban in February 2018. The minister’s statement was clear: 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.”
ATM in Bengaluru was not operational, he added and media discourse projected it under a negative light.
The machine has been temporarily moved from its original place of installation.