Drama Unfolds: Bitcoin ATM Controversy in Bangalore

The world of cryptocurrency took an unexpected turn as Harish BV, co-founder of Unocoin, found himself in hot water after setting up an unregistered Bitcoin ATM in Bangalore. The ATM, located at Kemp Fort Mall, was reportedly not even operational when law enforcement swooped in. Ironically, the machine was still under ‘final testing mode’ as claimed by Unocoin in a tweet prior to the arrest.

The Legal Wrangling Begins

Police arrested Harish BV, while his fellow co-founder Sathvik Viswanath remained unscathed in the initial round of action. The Central Crime Branch (CCB) asserted that the ATM was set up without any state approval, putting a clamp on what could have been a new way for locals to engage with cryptocurrencies.

Seized Items: A Treasure Trove of Tech

In the process, officials seized quite the haul—everything from laptops and mobile phones to credit and debit cards, all tied to the alleged illegal operations of the ATM. The cops reportedly took a whopping Rs 1.8 lakh ($2,460) in cash!

Public Warning: Beware of the Crypto Craze

The police didn’t just stop at the arrest; they issued a warning to the public to steer clear of get-rich-quick schemes associated with cryptocurrencies. Let’s face it, if it’s too good to be true, it probably is, especially in the wild west of crypto!

Unocoin’s Public Relations Predicament

To add salt to the wound, Unocoin’s tweet was an attempt to calm the public after the unfavorable media coverage surrounding the ATM. The company argued that it was simply innovating in light of RBI’s tough stance on cryptocurrency transactions.

The Larger Picture

This arrest speaks volumes about the current landscape for cryptocurrencies in India. Minister of Finance Arun Jaitley’s 2018-19 budget speech highlighted that “cryptocurrencies are not legal tender in India,