7 Bitcoin Traders Arrested by Police in Nepal; Bitcoin is Illegal in Nepal!

Seven people have been arrested for running Bitcoin Exchange Business, reports The Kathmandu Post. The arrest was made by the Central Investigation Bureau (CIB) of Nepal Police in Kathmandu and Chitwan.

According to DSP Jeevan Kumar Shrestha of the CIB this is the first arrest made of Bitcoin operator in Nepal.

He said, “The traded amount will be discovered after further investigation.” He added that if found guilty, the people can face fine three times the amount in question and  jail term up to three years.

The seven suspects have been identified as Gyan Prasad Paudel of Sindhuli, Madhav Khanal of Arghakhanchi, Prashant Pratap Shah of Kathmandu, Bida Dhakal of Nuwakot, Mingmar Tamang of Sindhupalchok, Daman Basnet of Kathmandu, and Manish Kumar Giri of Rupandehi.

Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, as the system works without a central repository or single administrator. The system is peer-to-peer, and transactions take place between users directly, without an intermediary.