Unocoin, a Cryptoassets company who had launched the first Bitcoin ATM or kiosk last week in Banglore without taking permission from legal authorities, seems to get in a big trouble as both the co-founders got arrested. In a country where cryptocurrency transaction is prohibited, making such a step could put anyone in a serious trouble.
The ATM machine was to permit its users to deposit and withdraw cryptocurrency cash from Unocoin’s platform but before even it could make its first official transaction it got seized down by legal authorities.
Cofounders of the startup, Sathvik Vishwanath and Harish B V have been arrested for setting up such ATM machine.
Unocoin deals with cryptocurrency transactions which are illegal in India. By allowing them to put ATM would open the doors for those who could do illegitimate activities.
In India, virtual currencies and their transactions are considered as illegal as per RBI guidelines in April 2018, banks that are associated with RBI are not allowed to cooperate with any virtual currency activities such as Bitcoin, Etherium, and others.
Unocoin is a cryptoassets and blockchain company which was founded in 2013. It is an Indian startup that operates from Banglore. It deals with cryptocurrency, specifically Bitcoin and Etherium.