Bitcoin ATM seized in India - A step back from becoming developed country

[technosaviour]

Looks like our country India hardly learn from their experiences.

Although citizens of the country are mostly aware of the power of blockchain and crypto the leader of the country are putting chains on them by not embracing it.

Let me say blockchain became popular only because of Bitcoin & altcoins. Crypto showed the world how powerful this newbie can be. Blockchain without crypto is just another decentralized database which existed from very beginning.

It's really sad to know when there are a lot of ATM's in developed country like USA there was a single ATM in such a vast country like India. The worst part is this single ATM was also seized.

Link : https://m.timesofindia.com/business/india-business/bengaluru-first-bitcoin-atm-seized/amp_articleshow/66340399.cms

Let me know your thoughts below.

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[cryptocurrencyguru]

seize of bitcoin atm which is no way related to financial institutions now India technology and made in India and innovative is sending wrong and shameful signals to world very unfortunate incident

[reliable]

seize of bitcoin atm which is no way related to financial institutions now India technology and made in India and innovative is sending wrong and shameful signals to world very unfortunate incident

It was expected that govt will not be allowing nay such thing else they would have not asked bank to shut all the accounts related to crypto. If that is the case then how did they put he ATM should be the question to be asked?  Which permission was granted to install needs to be checked.

[drmilind2004]

I am interested in knowing on what charges, under which section of the IPC, the Police have arrested the co-founder. Since he's been sent to police custody for a full week, these must be major, serious charges.

In one other report, they have mentioned that he was arrested for "setting up the ATM without permission". The company, Unocoin, claims that it deals only in cryptocurrency and is outside the RBI ambit, but clearly the police have been instructed otherwise.

If this is considered a financial crime relating to ATMs, then the company and it's founders are in boiling hot waters, and could see jail time of several years.

[RocketSingh]

This is really unfortunate. Unocoin should fight back.

[Ayan.nanzy]

The Co-founder of Unicoin 37-year old Harish and Sathvik V have been arrested days after their firm launched a Bitcoin ATM kiosk at a mall in violation of RBI norms. Unocoin, a blockchain solution provider, instituted first of a kind cryptocurrency kiosk -- Bitcoin ATM -- in Bangalore. “The first kiosk is being deployed in Bangalore to be followed by Mumbai and Delhi in a couple of weeks, Unocoin stated this on installing first bitcoin ATM kiosk in Bangalore without permission from the authorities.

RBI had stated the Supreme Court in July 2018 that allowing dealings in crypto currencies like Bitcoins would encourage illegal transactions and it has already issued a circular prohibiting the use of these virtual currencies.

One cannot deny the fact that the Indian population is also lured towards investing in cryptocurrencies. The ban might not be able to stop cryptocurrency dealing completely but in fact, create a huge underground market and increase over the counter dealing of cryptocurrency.
Although it’s true that cryptocurrencies fundamentally provide anonymity but in a country like India where a large sum of people uses platforms (WazirX, KuCoin) that offer you to buy and sell cryptocurrencies through rupee and to do so, a customer has to register and provide their IDs such as Aadhar Card and PAN Card. Doing this allows the platform to keep a record of all the transactions of customers and as an authority, RBI and other financial institution can check these records at any time they want.

In the future, the government might think of bringing cryptocurrencies under regulation through licensing. So it's entirely up to one to hold their cryptocurrency or to sell it for the profits they can realize at the moment.

[ragavancoin]

Really it is too bad for our cryptocurrency lovers in India, because of RBI rules the cryptocurrencies are not legal in India may be after final judgement from high court we will get clear picture about the bitcoin or any cryptocurrency are legal or not in India so we have to wait until the final judgement.

[BuyBuyBitcoin]

Really it is too bad for our cryptocurrency lovers in India, because of RBI rules the cryptocurrencies are not legal in India may be after final judgement from high court we will get clear picture about the bitcoin or any cryptocurrency are legal or not in India so we have to wait until the final judgement.

It doesn't matter what the courts say, Bitcoin wasn't made for their rules.

The rupee and US dollar are printed for leaders to control people in countries. People need to understand the decentralized nature of bitcoin before pretending that "making it illegal" makes it go away in countries.

It becomes more valuable if you can store value and flee a country with draconian laws holding a population back (see Venezuela for a perfect example).

Anyone holding bitcoin in India can leave the country and cash out a different national currency IF the government bans it. That won't stop intelligent people from avoiding trusting the rupee to "store value." The rupee has been a problem currency since the 90's.
https://en.wikipedia.org/wiki/1991_Indian_economic_crisis

[technosaviour]

Really it is too bad for our cryptocurrency lovers in India, because of RBI rules the cryptocurrencies are not legal in India may be after final judgement from high court we will get clear picture about the bitcoin or any cryptocurrency are legal or not in India so we have to wait until the final judgement.

Could not agree less.

But I think they didnt take permission for ATM.
Although it was not a Bitcoin ATM, it was advertised like that which caught media's attention. This gave this new much more hype there by capturing attention.

It was just designed to be a medium of withdrawing cash and depositing cash. Unlike other BTC ATM which actually transfers Bitcoin on depositing money. 

[technosaviour]

seize of bitcoin atm which is no way related to financial institutions now India technology and made in India and innovative is sending wrong and shameful signals to world very unfortunate incident

India always lacked in the innovation side, as

1st of all due to so many financial constraints people are not free from JOB life.
2nd people rarely tend to take risk by leaving their comfort zone.
3rd When they get some courage and decide to take risk, there is a system which is ready to cut off your legs before you even start to learn walking.

I would when will INDIA start accepting these as challenges and come up to the speed instead of putting speed-bumps.

[amishmanish]

--snip--
Anyone holding bitcoin in India can leave the country and cash out a different national currency IF the government bans it. That won't stop intelligent people from avoiding trusting the rupee to "store value."

Its not really as simple as that. Maybe the very few who actually got in at the beginning would be willing to go to the extent of resettlement in another country but it is not an option for everyone. It can still be a source for Indians to get paid for providing online services depending on what the govt. thinks about the taxation aspect. Depending on DTAA's, this could remain a possible use-case.

India always lacked in the innovation side, as

1st of all due to so many financial constraints people are not free from JOB life.
2nd people rarely tend to take risk by leaving their comfort zone.
3rd When they get some courage and decide to take risk, there is a system which is ready to cut off your legs before you even start to learn walking.

I would when will INDIA start accepting these as challenges and come up to the speed instead of putting speed-bumps.

Rightly said. We simply cannot see a fellow trying to sprint away from the comfortably embedded mediocrity. Successful and efficient people are seen as an affront to the norm of conforming to mediocrity. Things are changing but we still have a long way to go.

[Subal_Damudar]

You must agree to the law of the land or be ready to face results of your bad deeds. You break law = bad deed = you go jail. Regardless of how stupid the actual law is.