Co-Founder of Unocoin Installs Bitcoin ATM In A Bengaluru Shopping Malls

The co-founder of Unocoin, which is engaged in the prohibited exchange of cryptocurrencies, was arrested a few days after he launched a Bitcoin ATM functioning at a shopping center in Bengaluru in violation of RBI norms.

37-year-old Harish B. V., a native of Tumuluru, Karnataka, was arrested on Tuesday. The police confiscated two laptops, a mobile phone, a device for cryptocurrency and cash money from the arrested.

Harish, who set up his firm Unocoin Technologies Private Limited to do business in virtual currency, opened an ATM kiosk in the city’s shopping center last week without permission from the competent authorities, police said.

The police presented him to the main magistrate’s court, which detained him for further questioning.

RBI said to the Supreme court in July that the settlement of the transactions with cryptocurrencies such as bitcoin, would facilitate the illegal transactions in this connection was the adoption of the resolution prohibiting the use of these virtual currencies.