law. The machine has been temporarily moved from its original place of installation. The co-founder of, indian crypto exchange, unocoin has been arrested shortly after setting up an allegedly unregistered Bitcoin (. As a result, he is held by the Indian police authorities, and the non-operating ATM is seized too. It may be because of the lack of regulations like most of the countries which prevents the government to favor the industry, and some are completely against the idea of acceptance. He was later taken into police custody. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Second Co- founder of Crypto Firm, arrested for Setting
Indian business magazine Business Today (BT) cites a press statement from the Central Crime Branch (CCB which claims the ATM installation did not receive any permission from the state government and is dealing in cryptocurrency outside the remit of the law.". The Times of India reports the machine was used to facilitate cryptocurrency deals, with Indian digital newspaper The News Minute (TNM) outlining that it had been set up in response to the Reserve Bank of India (RBI)s stringent ban on financial institutions dealing in cryptocurrencies. As corroborated by multiple local Indian media sources, the ATM had not in fact yet been operational ahead of the police action, with Unocoin tweeting, oct. 20 that: Our Machine didn't go well with few mainstream media reports who projected it under a negative light. According to Times of India reports, Indian authorities arrested the co-founder of Unocoin, a bitcoin exchange in India who recently launched countrys first bitcoin ATM in Bangalore. Join Us on Telegram. Viswanath says that not being a legal tender doesnt mean that it is illegal. Indias relation with cryptocurrency and bitcoin has been rocky when it comes to acceptance and adoption. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article.
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