NRB Warns Against the Use of Cryptocurrency in Nepal

Nepal Rastra Bank (NRB) has warned about the dangers of Cryptocurrency.

Issuing a notice on September 9, Thursday, NRB has announced that the transaction of cryptocurrency is illegal and anyone involved in any of such activity will be taken legal action as per existing laws.

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“General people are being persuaded to carry out transactions and do mining of cryptocurrency and many of them are being cheated,” mentions the press release issued by NRB.

A cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward.

NRB and the 2019 Foreign Exchange Regulation Act had declared Bitcoin and other cryptocurrencies as illegal forms of financial tender.

Despite warnings, many Nepalis here have been using, transaction and mining cryptocurency.

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