HC Set Aside Criminal Case Against Founders of Unocoin Co For Setting Bitcoin ATM

Karnataka HC set aside a criminal case against founders, namely B V Harish and Sathvik Vishwanath of Unocoin company, for setting up a Bitcoin ATM in Bengaluru. According to police, the company had installed the first cryptocurrency kiosk, or ATM, in the mall on Old Airport Road without taking necessary permissions from State. As per RBI’s Circular, restrictions were imposed on regulated entities such as banks and NBFCs from dealing with virtual currencies and providing services to crypto businesses.Justice Sandesh, in light of SC’s decision in the case of Mobile Association of India Vs. Reserve Bank held that proceedings had been initiated against petitioners based on Circular dated April 6, 2018, and when very Circular issued by RBI is set aside by SC and when proceedings initiated against petitioners on the strength of Circular, very proceedings initiated against these petitioners are liable to be set aside.

Source: Tax Scan


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