There has been an interesting development in the news that the first Bitcoin ATMs were to be installed in India in the coming months.
A co-founder for Unocoin, an Indian crypto exchange was arrested as a result of creating the Bitcoin ATM machine in question. It is said that this machine was not registered when it was placed in Bangalore.
The police arrested the 37-year-old Harish BV following the installation of this ATM Kiosk in a mall in Bangalore. While installing the machine with the help of the other founder Sathvik Viswanath, who was not also arrested.
The central crime Branch (CCB) issued a press release in regards to this arrest, saying that this ATM didn’t get “any permission from the state government and is dealing in cryptocurrency outside the remit of the law.”
There were a number of items seized as a result of this arrest. This includes “a teller machine, two laptops, a mobile, three credit cards, five debit cards, a passport, five seals of Unocoin company, a cryptocurrency device and Rs 1.8 lakh ($2,460).”
The ATM was not yet working at the time of the arrest. They had still been testing it and had been planning for it to be working with a week or two. Now it has been removed from where it was installed.
Harish faced the ACMM court and is now going to be in the custody of the police for a week. There are indications that further arrests could be made on the matter and they have once again urged the public to not pursue crypto profit-making investments.
This comes at a time when the crackdown on crypto continues in the country. There is a ban on financial institutions in India from working alongside crypto companies. This has led to many of the country’s exchanges leaving and setting up elsewhere in the world.