A week ago, India was graced by the country’s first cryptocurrency ATM. This ATM was installed in Kempfort Mall, Bengaluru. Within the week, the Cyber Crime Police in the city registered a case against Unocoin and its founders for installing the ATM without any prior permission. The co-founder of the company, Harish BN was also arrested by the police.
Even though the Reserve Bank of India had banned banks and other financial outlets from dealing in cryptocurrencies, Unocoin went ahead and installed the ATM. Notably, RBI is the main regulatory financial body in India.
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