File photo. Photograph:( Reuters )
The man has been identified as 37-year-old Harish BN who is the co-founder of Unocoin Technologies
Bengaluru police on Wednesday arrested a man for setting up cryptocurrency ATM without any license or permission.
The man has been identified as 37-year-old Harish BN who is the co-founder of Unocoin Technologies and has been running country's first bitcoin ATM in Bengaluru.
Harish has been remanded to seven-day police custody.
The Bengaluru cyber crime police termed the ATM illegal as it facilitated trading of cryptocurrency that is not recognised by the government as legal tender.
The police have also seized the device along with two laptops and a mobile phone.
The police urged the public not to be lured by the prospect of making huge profits and invest money in cryptocurrencies.