First Bitcoin ATM in Bangalore seized

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India's first Bitcoin ATM in BengaluruA 37-year-elderly person was captured here on Tuesday for running India’s first bitcoin ATM booth, which police called illicit as it had been set up without government permission.

Harish BV, from Tumakuru and fellow benefactor of Unocoin Technologies, Rajajinagar, operated the ATM kiosk at Kemp Fort Mall on Old Airport Road. The ATM booth encouraged cryptocurrency money bargains.

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Central Crime Branch detectives grabbed a teller machine, two PCs, a versatile, three Mastercards, five platinum cards, an international ID, five seals of Unocoin organization, a cryptographic money gadget and Rs 1.8 lakh. Harish was produced before the I ACMM court, which sent him to police custody for seven days. Police said more arrests are likely.

As per police, the ATM booth was a stage for bitcoin purchasers and merchants. “The accused claims he’s running the kiosk for six months. We think he’s misleading us,” a CCB source said. Police requested public not to be lured by the prospect of making huge profits and invest money in cryptocurrencies.

Unocoin co-founder Sathvik Viswanath defended his company’s business model, saying it’s perfectly legal for Indians to buy, own or sell bitcoins. “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,” he said.

Source: Time of India 

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