As people would be aware, in the past few days, Unocoin co-founders BV Harish and Sathvik Vishwanath were arrested by the Bangalore police for installing a cash deposit machine in the premises of a mall in Bangalore. The Chief Metropolitan Magistrate CMM Court in Bangalore, had given the Cyber Crime Cell custody of 7 days and had asked them to file a report at the end of the week.
However, fortunately, Vishwanath was freed and he stated on Twitter, “You know the story so far. From my understanding, main stream media calling crypto assets illegal & comparing our Kiosk with a bank ATM [that needs RBI perm as it is like a bank branch] was the trigger. Now that I am out,will try my best to give clarifications & move on. @Unocoin”
You know the story so far. From my understanding, main stream media calling crypto assets illegal & comparing our Kiosk with a bank ATM [that needs RBI perm as it is like a bank branch] was the trigger. Now that I am out,will try my best to give clarifications & move on. @Unocoin
— Sathvik Vishwanath (@sathvikv) October 26, 2018
For the uninitiated, it was not an ATM. Earlier Crypto-News India also covered the story about this ‘oasis in the desert of uncertainty’where it was reported that the first crypto kiosk would help people deposit and withdraw cash directly to and from their Unocoin accounts. The minimum amount to deposit/withdraw is 1000 INR, and the amount must be in the multiples of 500 like normal ATMs. It was only one machine in Kemp Fort Mall of Bangalore but the company had promised that more kiosks would be launched in Mumbai and Delhi as well. A total of 30 machines were to be deployed in these 3 cities.
Earlier, Crypto-News India had reached out to a lot of players in the industry to try and understand what were the specifics of the case. But many declined to comment on the issue. However, one industry insider anonymously told us, “I’m really not sure of the legal aspects of what happened around this but I definitely feel that arresting them for a week was not necessary. Just seizing the machine would have sufficed.”
At the time of writing, it is not clear whether BV Harish is also out or not.
Liked what you read? Join us on Telegram