UNOCoin co-founder arrested for installing crypto ATM in India

[avikz]

It seems like, Indian government is more keen to set up temples instead of paving the way towards technology adoption. Just few days back, UNOCoin installed a crypto ATM in Bengaluru Kemp Fort Mall to provide a method to transact in cryptos without using the bank accounts. Now the co-founder of UNOCoin Harish BV is arrested by Police for the reason that the ATM didn't receive any government approval.

Central Crime Branch 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).

News source: https://timesofindia.indiatimes.com/city/bengaluru/1st-bitcoin-atm-in-bengaluru-seized-co-founder-held/articleshow/66340493.cms

Indian government is slowly showing their hostile nature against cryptocurrencies!

[bitfocus]

India seems not only being a crypto hater, but also trying to go back to stone age - feel sorry for that government.

[Red-Apple]

i'd say he deserves it in a way because he tried to perform something illegal. you can't just create an ATM and install it anywhere and expect the government to allow you to do it too.
and it is not about Indian government that you are creating so much drama about them with this topic. if you do the same in any other country, you will be arrested the same way!

[avikz]

i'd say he deserves it in a way because he tried to perform something illegal. you can't just create an ATM and install it anywhere and expect the government to allow you to do it too.
and it is not about Indian government that you are creating so much drama about them with this topic. if you do the same in any other country, you will be arrested the same way!

Mate, I am also an Indian and I am not creating any drama here! If you are an Indian then you know the current state of the employment and healthcare in India! But the government is focused on building "Ram Mandir" instead of providing basic healthcare and job to the public. They have their priorities set incorrectly! So it's not a drama in any way! Indian government needs a mentality change, they need to come out of the current orthodox mentality for good! We need a leader who understand the need of the citizens and to open doors to technology to the country! This is 21st century and instead of going forward, we are indeed going back to the stone age! Qualified persons are flying out of the country and not coming back because they found an amazing life abroad! That's what is the failure of the government!

[darthmaul]

i'd say he deserves it in a way because he tried to perform something illegal. you can't just create an ATM and install it anywhere and expect the government to allow you to do it too.
and it is not about Indian government that you are creating so much drama about them with this topic. if you do the same in any other country, you will be arrested the same way!

What the f***k!!

Whats the meaning of decentralisation then ? Its just bloody ATM machine dude, not terrorist bomb base or drug dealing store.

Oh let me think, we can actually set up terrorist base and drug dealing stores more easily than new technologies around the globe. My bad !! 

India is 100% not getting developed for next 5000 years if earth does exist by that time. This is because all they want is to pull back the people who are crazy enough to change the world.

This completely makes sense why there are more fights, civil wars over Castes and Religion in India rather than looking after the new modified world.


FYI : I am not hurting any religion, castes, terrorist activity etc etc, (Hope police dont appear at my doorstep next day for saying the truth about it. ) 

[krishnapramod]

Our government did started showing its hostility towards cryptocurrencies after the FM's announcement, tax notices, and then bank ban so anything coming from the government regarding cryptos now wouldn't be surprising, unless it's regulations. And then the moneycontrol article (90% of Indian media is fudsters when it comes to Bitcoin) that the Garg panel could even propose holding of unregulated cryptocurrencies as illegal, I have no idea even if it comes to that how they're going to impose it.

On topic, Unocoin's move to install first-of-its-kind Bitcoin ATM was definitely a bold move, another way to circumvent bank ban, but if it was done without government permission, plainly stupid and since the news came out about 18 hours, Unocoin hasn't tweeted anything about it.

Ram Mandir banate banate yeh log desh duba denge.

[towi078]

Whatever the conditions, UNOCoin parties should not ignore the licensing problem. Because, applicable regulations are needed. The aim is, to make it orderly

[buwaytress]

i'd say he deserves it in a way because he tried to perform something illegal. you can't just create an ATM and install it anywhere and expect the government to allow you to do it too.
and it is not about Indian government that you are creating so much drama about them with this topic. if you do the same in any other country, you will be arrested the same way!

Well, he might have broken a law or two just by installing a public machine that accepts currency, but I wouldn't say he "deserves" it any more than an unlicensed street vendor or even an unlicensed moneychanger would get fined (and they're plenty of that in India) - but yeah, getting arrested would seem like the government is going overboard - it wasn't like he was stealing anyone's money! I'm pretty sure the Malaysians who installed the first ATMs back in 2015 didn't actually follow any rules, probably registered them as you would any vending machine...

Mate, I am also an Indian and I am not creating any drama here! If you are an Indian then you know the current state of the employment and healthcare in India! But the government is focused on building "Ram Mandir" instead of providing basic healthcare and job to the public. They have their priorities set incorrectly! So it's not a drama in any way! Indian government needs a mentality change, they need to come out of the current orthodox mentality for good! We need a leader who understand the need of the citizens and to open doors to technology to the country! This is 21st century and instead of going forward, we are indeed going back to the stone age! Qualified persons are flying out of the country and not coming back because they found an amazing life abroad! That's what is the failure of the government!

It's always the same tail wagging the dog, my friend. India may be in the extreme, but it's typical for the state to focus on the easier narratives of creating fear and misunderstanding, and then taking action to make it appear they're protecting the public interest when really it's just a show of power. They don't like Bitcoin - understandably - and want to hammer in that point.

On the bright side, this sort of behaviour will push Indians toward seeking better, p2p methods, to get their Bitcoin (and sell). Push liberties away and they go underground and all the better for it.

[hitrawal91]

It seems like, Indian government is more keen to set up temples instead of paving the way towards technology adoption. Just few days back, UNOCoin installed a crypto ATM in Bengaluru Kemp Fort Mall to provide a method to transact in cryptos without using the bank accounts. Now the co-founder of UNOCoin Harish BV is arrested by Police for the reason that the ATM didn't receive any government approval.

Central Crime Branch 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).

News source: https://timesofindia.indiatimes.com/city/bengaluru/1st-bitcoin-atm-in-bengaluru-seized-co-founder-held/articleshow/66340493.cms

Indian government is slowly showing their hostile nature against cryptocurrencies!

The latest update on UNOCoin news is that the director of UNOCoin has given a statement that there has been some misunderstanding on cryptotransaction as cryptocurrency is not a legal tender in india but it still not illegal to transact and thats what UNOCoin did with there atm.

i'd say he deserves it in a way because he tried to perform something illegal. you can't just create an ATM and install it anywhere and expect the government to allow you to do it too.
and it is not about Indian government that you are creating so much drama about them with this topic. if you do the same in any other country, you will be arrested the same way!

I think this is real sad news as an indian.The world is moving forward and we are still very rigid to the technology.Agreed that if somebody does in any other country would be arrested but the point here is that other countries people won't support such kind of action from government and here people are following them blindly and praising them even on there backward thinking.

[ubay]

Maybe he did not do legal procedures, so he was detained by the police. Unlike the case if he follows the existing procedure, I'm sure there won't be a bad thing.

[dothebeats]

I'm assuming he didn't grease the right wheels, Inidia comes off as one of those countries that if you have the right friends in the right places you can do what you want, in this case install crypto ATMs.

This is true on anywhere you will go in the globe; you must make friends with those in power in order to do the things you desire even without following official regulations (lol).

Anyway, it could simply be that he didn't follow the regulations and rules regarding the ATM. If that's the case, then the law should always be followed, otherwise this is just a clear representation that India doesn't really want crypto to flourish in their country. With all their regulations and their effort to cut off any connection of cryptocurrencies in their land, extra caution should be observed so as not to get placed behind bars. It's just sad that other countries are progressing towards better tech but India is regressing in all aspects of tech and governance.

[cryptohunter]

These kind places sound dreadful.

Everytime I hear something about these hugely populated places where the majority live in poverty you just know they will never be give a break.

[johnwest]

There is no written rule anywhere regarding this and even Police have no idea what they are doing. The government thinks that by banning ATM's or arresting the founders of exchanges they are doing investors protection program. I dont think their case against the founders will stand even an hour in the court because they havent broken any rule. 

[avikz]

There is no written rule anywhere regarding this and even Police have no idea what they are doing. The government thinks that by banning ATM's or arresting the founders of exchanges they are doing investors protection program. I dont think their case against the founders will stand even an hour in the court because they havent broken any rule. 

I really hope for the same! However, in India, the courts are heavily influenced by the political agendas! The way current government is functioning, I don't see much hope for the co-founder. This government is promoting only Gujarati led businesses like Reliance and Adani, anything that stands against their agendas, being harassed by the government agencies! So what I see, that the co-founder will have to stay in prison for at least 3 months before a bail is granted! 

[elloco4ever]

Well this is really a sad news after giving all his effort he deserves to be in jail? This is really not fair, the government need to support this what's wrong did they found in a crypto machine? The majority of populated countries are not in favour of this technology. That's a disappointing news.

[livingfree]

What?! it didn't even operated for a week and they took action after it was installed? I'm sure that they are aware of it that Unocoin will install that ATM because its on the news. Indian government is now acting obviously on what's their state with cryptocurrencies. I feel bad with this incident although there's a due process should be applied but this is innovation but I think the issue about crypto ban is still hot so government took time and looked with that ATM installation.

[josephdd1]

This news is legit and its so disturbing that the Indian government responded in such an appalling way. Is like they're trying to set some sort of example, but in my opinion, this i 'bad example' because crypto is the future.

[Vit83]

i'd say he deserves it in a way because he tried to perform something illegal. you can't just create an ATM and install it anywhere and expect the government to allow you to do it too.
and it is not about Indian government that you are creating so much drama about them with this topic. if you do the same in any other country, you will be arrested the same way!

Mate, I am also an Indian and I am not creating any drama here! If you are an Indian then you know the current state of the employment and healthcare in India! But the government is focused on building "Ram Mandir" instead of providing basic healthcare and job to the public. They have their priorities set incorrectly! So it's not a drama in any way! Indian government needs a mentality change, they need to come out of the current orthodox mentality for good! We need a leader who understand the need of the citizens and to open doors to technology to the country! This is 21st century and instead of going forward, we are indeed going back to the stone age! Qualified persons are flying out of the country and not coming back because they found an amazing life abroad! That's what is the failure of the government!

You are not alone. Same situation in Russia. Look on countries that are tolerated to crypto, these are all the developed countries with great economies. So this news just sad(

[Choakoth55]

Indian government can't stand bitcoin or any other cryptocurrency. I dont understand why they find this so itchy. But arresting someone for setting up an ATM is just atrocious . Ironically they are preparing to create their own cryptocurrency.

[Wiceilia220]

It's clear that Indian government is strictly against cryptocurrency. But this incident seems too much. It's sad to see country like India is standing against crypto and not accepting the future.