Few months back, Nepal Rastra Bank(NRB) declared Bitcoin illegal in Nepal, and brought a punishable law against its trade under the Nepal Rastra Bank Act. Even after several notices, many people were operating Bitcoin exchange business in the country. Slowly and eventually, NRB with aid of Central Investigation Bureau(CIB) made a major crackdown a month before by arresting seven people for running Bitcoin exchange business.
Immediate after this incident, a local blockchain technology company called Bitsewa placed a notice on its Facebook page stating that it has shut down its business. The company was operating online Bitcoin buy and sell services even after the government had declared it illegal.
Now as per The Himalayan Times, CIB has arrested two people from Bitsewa for allegedly running Bitcoin business in Kathmandu and Pokhara.
According to CIB, Ram Dhakal, Age 32, and Purushottam Dhar Tuladhar, Age 26, were arrested.
SP Jeevan Shrestha, the CIB spokesperson, said that these two people were allegedly running the Bitcoin exchange business online on www.bitsewa.com, calling it ‘Bitsewa: Nepal’s First Bitcoin Company and Digital Assets Exchange’. Shrestha further said that the duo were luring people through their Facebook page.
Though Bitcoin is flourishing in some countries, it is still seen as an economic threat to many. Bitcoin transactions are encrypted, and the record of the transaction can only be tracked by involved parties. Many countries fear that since Bitcoin transactions are highly anonymous it can become a tool for criminals for germinating several crimes, especially money laundering.
Since most of the countries have not come up with the proper regularity guidelines and monitory bodies to take hold on Bitcoin, they have declared it illegal. Nepal is also one among many of those countries which has followed the same lane.
What do you think of this situation of Bitcoin in Nepal? When shall the government come up with proper guidelines? Leave your thoughts in the comments below.
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