Life for India’s first cryptocurrency ATM has turned out to be short.
Last week, the virtual currency exchange Unocoin had set up the country’s first cryptocurrency ATM in Bengaluru. But on Oct. 23, the Bengaluru police seized the ATM and also arrested the firm’s co-founder, Harish BV.
The virtual currency ATM had not even started full-fledged functioning as operational upgrades were still underway last week.
“The ATM kiosk installed by Unocoin in Bengaluru’s Kemp Fort Mall has not taken any permission from the state government and is dealing in cryptocurrency outside the remit of the law,” the police’s cybercrime department said.
Apart from the teller machine, the police officials also seized two laptops, a mobile, three credit cards, five debit cards, a passport, five seals of Unocoin company, a cryptocurrency device, and Rs1.8 lakh ($2,500), officials said.
(Image Source: Twitter/@Unocoin)