[2018-10-24]Police Arrest Indian Crypto Exchange Co-Founder for Unregistered. .

[anamie]

Police Arrest Indian Crypto Exchange Co-Founder for Unregistered ‘Illegal’ Bitcoin ATM

The co-founder of Indian crypto exchange Unocoin has been arrested shortly after setting up an allegedly unregistered Bitcoin (BTC) ATM machine in Bangalore, English-language daily Times of India reports Oct. 24.

The 37-year-old co-founder, Harish BV, was apprehended by police after having reportedly  installed the ATM kiosk at Kemp Fort Mall on Old Airport Road, together with fellow Unocoin co-founder Sathvik Viswanath. The latter has not been arrested, as per media reports.

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."

CCB officials are further reported to have seized “a teller machine, two laptops, a mobile, three credit cards, five debit cards, a passport, five seals of Unocoin company, a cryptocurrency device and Rs 1.8 lakh ($2,460).”

Readmore: https://cointelegraph.com/news/police-arrest-indian-crypto-exchange-co-founder-for-unregistered-illegal-bitcoin-atm

[milewilda]

With this line of that minister this already states that they are neutral with Crypto but talking on permits or legal thing,when you decide up to put a certain establishments or any apparatus then it just really a common thing
for you to comply with the requirements or go with the laws/permits.If not, then expect those actions will surely happen.

“The minister’s statement was clear: Cryptocurrencies are not legal tender in India. He did not say ‘illegal tender.’ There’s a huge difference. It means you bear the risk of your investment and there’s no regulation for the industry.”

[Slow death]

This news raises questions I've been asking lately:

Could it be that the creators of altcoins have lawyers? Do they research the laws before they do anything? Of course, to set up an ATM at the airport, or anywhere, they would have to investigate whether there is any law that allows such a thing, how could they not know that?

[Harlot]

This news raises questions I've been asking lately:

Could it be that the creators of altcoins have lawyers? Do they research the laws before they do anything? Of course, to set up an ATM at the airport, or anywhere, they would have to investigate whether there is any law that allows such a thing, how could they not know that?

Sometimes an arrest is made even when the one enforcing it does not know the law or still is not clear on what is right or what is wrong, that is why even people who got arrested for criminal charges are still going to trial and is facing a judge for its decisions. Right now for this thing to have precedence in the future it will depend on the court's decision. I'm telling you this because even though they have lawyers and legal advisors thinking that their business is fully legal some shit like this is bound to happen especially to a country where the cryptocurrency industry is strictly monitored.

[J_Crypto]

The news becomes clear, in connection with what he was arrested ? If it is said in plain text that buying and selling cryptocurrencies in India is not prohibited. On the other hand, Yes, the illegal establishment of their equipment in any part of the city has always been prohibited and subject to heavy fines, confiscation and up to the criminal term.

[InvoKing]

Yes, the illegal establishment of their equipment in any part of the city has always been prohibited and subject to heavy fines...

And the money could be used to finance the construction of the costly tallest sculpture in a poor place in India...
Ok i am abusing a little bit but politicians are experts in wasting money, making the poor family poorer and banning any possible/legit way to make money!

[magneto]

India is really going overboard with their crypto policy.

I honestly don't know what they are trying to achieve here. Them restricting access to bitcoin ATMs will pretty much only mean that crypto exchanges will dry up and run out of business in their country, doesn't mean that it will prevent anyone from accessing bitcoin at all.

But I guess this does show just how determined they are to stop bitcoin, whatever their motivations are. Though, they need to realise that even if they do ban all exchanges and all bitcoin ATMs and companies altogether, there will always be p2p trading that they can't stop.