News

Unocoin's Cryptocurrency ATM Seized by Authorities In India

A Unocoin’s cryptocurrency ATM has been seized by Indian authorities today, and a 37-year man was arrested, arguing that it was an illegal operation. Supposedly the company had been running this ATM for six months before. India is facing currently a cryptocurrency ban that is not clear enough to cryptocurrency startups and exchanges that are facing this uncomfortable situation while still doing business in the country.

Unocoin’s Cryptocurrency ATM Seized

Unocoin’ cryptocurrency ATM was seized in the region of Bengaluru, the capital of the Karnakata state. The seizing took place in a kiosk that was being run by Harish BV, the founder of Unocoin Technologies, the company that manufactured the ATM that was seized.
Unocoin Technologies is an integral service cryptocurrency company that is based in India, and that has been hit by the strange, unclear cryptocurrency ban that the Reserve bank Of India has approved earlier this year. Like most exchanges that are based in India, the fiat-to-crypto deposits and withdrawals have been suspended due to the situation.
But they never thought that the police would charge against them on their own kiosk. but they were wrong. More so, they also carried with two laptops, a mobile phone, credit cards, debit cards among other things.

India’s Weird Cryptocurrency Policy

Since last April, the Reserve Bank of India issued a statement about a cryptocurrency ban that prohibits banks and financial institutions to engage in cryptocurrency deals or lend their services to institutions that lend cryptocurrency services and gave three months for banks to comply with this order.
Affected parties quickly went to the courts to try to counter this decision, but the court upheld the RBI ban and left exchanges and cryptocurrency startups with no national banking solutions in the short term. Despite this, many exchanges have remained operative, but the crisis has taken its toll on others.
ZebPay, one of the pioneering crypto exchanges in India, had to shut down due to these limitations over the way that crypto-related companies can do business in India. They stated on a blog post:
“The curb on bank accounts has crippled our, and our customers’, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business”

Unocoin’s Rebuttal

After the Unocoin’s cryptocurrency ATM was seized, its cofounder Sathvik Viswanath declared in favor of its business model. He stated that while cryptocurrencies were not legal tender in India, it was not illegal to hold cryptocurrencies. Everyone must bear the weight of his investment. But the authorities and the police think otherwise.

Related posts
BitcoinBTC Trading ViewNewsNews 1TechnologyTrading View

Bitcoin and tech stocks: how one can affect the other

Founder of Mobius Capital Partners, Mark Mobius confessed his “fears” of the decline of the price of Bitcoin. The emerging markets fund manager thinks Bitcoin prices can especially have a negativeThe post Bitcoin and tech stocks: how one can affect…
EthereumNewsNews 1SocialTrading View

Can EIP-1559 disrupt Ethereum's 2021 bull run?

Important elements of development pertaining to Ethereum 2.0 have picked up pace recently after Phase 0 was successfully launched in December 2020. The next few months, however, will see the project tThe post Can EIP-1559 disrupt Ethereum’s 2021 bull run?…
AltcoinsAnalysisHideCryptopanicNewsNews 1SocialTrading View

Binance Coin, NEM, SUSHI Price Analysis: 10 March

Binance Coin projected an upside above the $305-level if its on-chain metrics uphold its bullish signals. NEM fell sharply on the charts and a move below its press time support could highlight the nexThe post Binance Coin, NEM, SUSHI Story…