India's first cryptocurrency ATM, installed with fanfare at the Kempfort Mall always a week ago, was dismantled, and its owner was arrested for installing equipment without the regulator's permission. The Bengaluru City Police have opened a case for installing the terminal without permission and have also arrested the company's co-founder Harish.
“The cryptocurrency terminal installed at Kempfort Mall by Unocoin did not receive any permission from the government and therefore operates digital assets outside the law,” the crime branch said in a press release.
Police arrested Harish and seized several devices, including laptops and a mobile phone, and also confiscated credit and debit cards, cash and company stamps.
Installed by Unocoin, the crypto machine allowed customers to deposit and withdraw funds with a minimum amount of 1,000 rupees equivalent. In the future, it was planned to install similar devices in Mumbai and Delhi.
Operations with digital funds violated resolution of the Central Bank of India (RBI). Earlier this year, the RBI issued a “virtual currency ban” regulation that prohibits financial institutions from dealing with cryptocurrency businesses.
According to representatives of the Central Bank of India, cryptocurrencies are not legal tender.
According to domain-b.com
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