Is trading illegal Bitcoin a crime? Harish BV, a 37-year-old co-founder of Unocoin, an Indian cryptocurrency exchange was arrested for trading illegal Indian Bitcoin. He supposedly set up a Bitcoin ATM in India in a town called Bangalore. It was not legally registered.
Unocoin was launched in 2013, and it claims to be India’s most trusted portal for trading Bitcoin and Ether cryptocurrencies. It has two founders; the other leader is one Sathvick Viswanath. According to the press, they have not arrested him. The government’s crime unit released a statement saying that the co-founders installed the ATM illegally without following the required procedure within the law. It is alleged that Unocoin is operating without valid licenses from the Government. The assets that were seized during the arrest include the ATM, laptops, mobile phone, passport, credit cards, debit cards, company seals, crypto device, and $2,460(Rs.1.8).
However, Unocoin denies that the ATM was operational and that it was still undergoing final testing. It was to be operational in the coming week. Unfortunately, they were arrested before they started the business. The police claim that they will go on capturing all those people linked with the crime.
The ATM founder reveals that this venture was set up following a strict ban from the Reserve Bank of India (RBI) warning other banks not to deal in cryptocurrencies. The main aim of the machine was to expedite business deals of BTC in India.
With the current wave of cryptocurrencies, it is essential to know the nitty-gritty of trading the digital currencies. Many people are not genuine and may target unsuspecting investors to defraud them of their hard earned cash. So, the question that may be on your mind is how do you know if a cryptocurrency is illegal? What passes as illegal Bitcoin? For instance, the media story about Bitcoin ATM in India is a wakeup call to individuals interested in investing in crypto.
The illegality of Bitcoin trading depends mainly on the laws of a particular country. Although a majority of states have not declared the usage of BTC illegal, what might be illegal in one country may be acceptable in another.
According to Bitcoin ATM news, the Finance minister issued a statement saying that the Government aims to discontinue trading of BTC and other cryptos especially relating to crime. In India, Bitcoin trading has been banned meaning it is illegal to buy or sell any cryptocurrency. This is the reason why the Unicoin co-founder was arrested.
In this era of digital currencies, a majority of Governments have forged their unique ways of embracing this cryptocurrency wave. The world of cryptocurrencies offers endless opportunities and the fact that there is no governing entity makes it more interesting. With more people trading in Bitcoins, there is a new dispensing machine called the Bitcoin ATM.
What is a Bitcoin ATM? This is a machine or a kiosk where you can exchange cash and Bitcoin. In other words, you can sell or buy Bitcoins for cash or vice versa. You need to own an account to carry out any transaction. However, it is crucial to note that this machine does not operate like the normal cash ATM’s that you know. They are not connected to your bank account; instead, they are linked to the Internet. The downside to this technology is that you may be forced to pay more for their transactions since their fee is quite high.
Ultimately, the cryptocurrency craze is here to stay as more investors are trickling in to get a piece of the pie. As much as Bitcoin in India is still a controversial topic, this will not stop serious investors in grabbing the opportunities as the world is not static. As more business-oriented individuals are installing Bitcoin ATM’s, crypto trading is more likely to take new heights soon despite the Government bans on certain countries. Therefore, it is important to read the Government policy in your country regarding the cryptocurrency trades before you decide to trade to help you operate within the law.