Sunday, August 25, 2019

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.

Related Article:  India Collaborates with Canadian Blockchain Institute for Rise in Digital Economy

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.

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