Bitcoin Forum

It's the latest in development from the country of Nepal which started nabbing bitcoin traders for fraud. Can be sentenced to upto 3 years in prison.

http://kathmandupost.ekantipur.com/news/2017-10-06/7-nabbed-for-running-bitcoin-exchange-business.html

First case of bitcoin related arrest in the country.

Fraud must have a purpose to deceive people and take their money. In the case of trading bitcoins this is not. A person voluntarily buys a bitcoin, and has the ability to always exchange the coins for Fiat. Nepal does not apply to democratic countries therefore the courts will take the side of power. I feel sorry for these enthusiasts of the cryptocurrency but they are also responsible for the power which is in their country.

They were doing more than just trading, they were running an exchange.  Running an unlicensed exchange is risky business in any country.  

But I find this sentence from the OP article to be most interesting:

"He further said that if found guilty the suspects will be punished under the prevalent laws of Rastra Bank."

Are finacial laws in Nepal set by the bankers?

It's not just that they were running an unlicensed exchange. Bitcoin trading is downright illegal in Nepal. It's sad, but these people are most likely going to be made an example of.

It kind of makes you wonder just how much power a government can have regarding cryptocurrencies. They can't monitor and stop every single transaction, but they can jail exchanges to make sure their currency isn't used to buy and sell Bitcoins. This problem can theoretically be averted by vendors accepting Bitcoins as payment, so there would be no need to convert, but it still sucks that some governments are too averse to new technologies.

I'm sorry but I can't open the link you posted. My initial reaction though is that Nepal is anti-bitcoin to begin with. Their Central Bank announced that trading bitcoin is illegal. So it not surprising that they have been cracking it down. But the victim from such announcement is the bitcoin community in Nepal. I know that there are few Nepalese in the forum so its evident that bitcoin is being enjoyed in there. Nepal should not take a hard line against bitcoin but at least regulate it so that they can still enjoy the benefits that bitcoin can give to its citizens.

This is more of the same, the sudden and all encompassing wave of regulation for crypto that seems to be sweeping the globe.

i have the feeling that these dudes werent committing fraud per se; i think that the government is considering cryptos in general "fraudulent", and these guys are criminally complicit by hosting an exchange. im too lazy to look up the actual letter of the law (i have a feeling its not in English  ;D ) but I dont see how normal operation of an exchange (if they are observing whatever general financial/AML/KYC rules are in place) would get you arrested suddenly like this.

it seems that nowadays, if you are going to conduct a serious/legitimate crypto business, you would do best to consult the government in your locale first ;)

I think you are talking about the case of delhi in india??

Having read the article stated, it seems the country has a stern regulation against bitcoin and this is something we are expecting to see, The people arrested are accused of running a bitcoin exchange site which is obviously against their laws there but I feel what they are doing is just to slow down the process because those seven arrested would surely not the only ones running an exchange in the whole of the country and also gave an opportunity to others to be secure in their dealings with the outside world.

What they did is to send a message to the outside world in other to make them panic but like I said, it will only slow it down and not stop it.

It seems like many countries are struggling to keep up with the cryptocurrency trend and the authorities will go for the easy targets like exchange operators when they need to make arrests. It's always tricky in countries like Nepal, because you don't know if it was a genuine interest in protecting to public or the crackdown was generated by greedy and corruption,

It is sad that unnormal things happens in this world. Everybody try's to make a decent living in that part of the world and not only there but this caind of measures. I give my support for thouse guys and hope that everything will turn out ok in the end.

It is sad to realize that this is only the first signs that the government will never recognize in full bitcoins. Any claim for freedom will always be suppressed. Democratic countries will do it carefully. Authoritarian countries will do it openly to all citizens feared. Now people are not willing to fight for their freedom so we are an easy target for governments.

They were running a Bitcoin exchange. I did not read the whole article but I can say that they don't have any legal notice or NOC for running that exchange that got them caught. Also, The government must be jealous that why they aren't paying anything to us so, Maybe that is why they are arrested.

Running an exchange is just facilitating trading. In most countries, cryptocurrencies are not recognized. Then how will you get a licence and which regulator will you approach. This shows that maybe Nepal is not bitcoin-friendly.

That's what's happen to people who don't comply with the regulations of their country. They build their own cryptocurrency exchange seems to be a serious offense. They could be detained for money laundering and illegal operation of market exchange. Any cryptocurrencies operations there are illegal. Of course anyone who violates that will be punished.
http://i66.tinypic.com/1ieq6e.png

Anyway, it's a right way to do. It's a warning to those who wants to do that things in the future.
Im just frustrated about the see bitcoin. It can help their citizens. Many third world countries like African countries are now supports cryptocurrencies. Why can't they do it?
Anyway, i respect their law. The site's name was Kathmandupost. Kathmandu is the capital of Nepal. I think this news came from Nepal. Maybe im wrong.

It's hard for any country to allow or not allow exchanges and altcoins.

Found this article that clarified one of the reasons why they wouldn't want this tech: https://www.c[Suspicious link removed]m/2017/10/05/how-icos-setting-the-vc-world-ablaze-work.html

All countries are not friendly to bitcoin and altcoins. There are countries which prohibit the use of bitcoin and other countries which occupy the waiting position. In fact, the bitcoin could have a significant impact on the economy therefore poses no threat to the state. governments are afraid of losing control over people. Very difficult to control the person if he has stable income. This is the main reason why governments are afraid of cryptocurrency.

This is because bitcoin is declared ban in Nepal thru their Central bank therefore any transactions involving bitcoin in their country will be arrested especially that they are running an illegal exchange because it cant be a legal business if banning bitcoin is a law.The government of Nepal should treat bitcoin as a commodity rather than a different currency and lift the ban so that these people will be release except if these are truly fraud people.

this time its Nepal,huh
there was a piece of news about same event in Russia,people have been arrested for
running an exchange,here is the video: https://www.youtube.com/watch?v=NX9tjFmaTdM
I think this has more to do with the money laundering and illegal financial operations
rather than bitcoins per se,they are not prohibited in Nepal as far as I know?

If i make abstraction of the drama of those russian guys, i would say it is hilarious to treat some tec people with this kind of attitude, like they were terrorists and drug dealers and so on. This kind of governments has an appetite for breaking the right of civilians. I am convince that the arrested people in Nepal and Russia was followed for some time and they knew what kind of behavior they had so, there is no justification for their behavior. Yes, it is the law, ether we like it or not, but this is to much...cave men politics....

Nepal is not a democracy therefore there the government can do whatever they like. The victims this time were some bitcoin enthusiast. If they were exchanging bitcoin to fiat and viceversa than there is nothing wrong with them. If they truly had an exchange without a license then this is not allowed even in better countries than Nepal and those persons risk a lot now that they have been arrested.

Actual case as per the report says ,"transfer of funds, operating independently of a central bank."DSPof the CIB said that this is the first incident that the bitcoin operators have been arrested from the country. Charged under act of
allegedly running bitcoin exchange business. News by  kathmandupost

With this kind of law and recognition in their country, then the simple act of trade would constitute to an illegal activity. For there to be fraud, there would have to be deceit and intention to cause a wrong doing against other persons but since the simple act of trading is declared to be illegal, then the persons involved were jailed.

This would inevitably happen when a government declares this kind of jurisdiction pertaining to cryptocurrencies. Even if you do not intend to harm anyone, you may be jailed by simply performing these kind of acts.

When you are dealing with PRoC you cannot take these types of risks without knowing their 0 tolerance policy

The news article lacks explanation on what grounds they are being arrested for, but I presume is that they are running a bitcoin exchange without any business permit in that country making it illegal. As of now there are no legal standing in Nepal with regards to Bitcoin but people who are running a illegal business should be apprehended as for their own safety especially their citizens because without any official addresses they could run away with all their client's Bitcoin.

Further results may uncover also how they were discovered or what did they do that the government spotted them. Even if its illegal but most users also are doing transaction underground. My guess would be that they made big transaction at such that they converted it to their fiat currency or, they were tracked from on guy from their government making big transaction without legal laws of regulation from India.

just now only i had listen about this words. in the world most of the people using this bit coins business now. it is legal or illegal what ever. but politicians, business magnets and other cheaters like who can doing smuggling drugs business that kind of people may do illegal bit coins trading. may be that kind of people arrested.

The story is totally different from what your title states. They are not arrested for trading bitcoin, but they are arrested for illegally running a bitcoin exchange in the country which would not be allowed in any country, and anyone would get arrested if authorities come to know that some people are running an exchange without any license and legality. It should not be a surprise for them, nor for the people hearing the news. And they should have been expecting this to happen, because running a bitcoin exchange is quite a big business these days, and if you try to do it hiding behind walls, this is what you can expect when it comes to the sight.

I guess that is exactly what will happen across the world that government will say ' do your business, but do it the right way or else we are coming for you' and I think this is something that should be encouraged in as much as we want to run our exchange business and make money, we owe a duty of care for individuals patronising the platform to be safe. Aside that, anyone who does not have the intention to scam would not have any issue registering with government.

Bitcoin traiding ..without low about this virtual coins not is so simple to arrest the right people.

No the news is not about Delhi in India. That happened in Nepal(country between India and China) .
But, there are some facts which are totally unclear to me.
1.Is Btc totally ban in Nepal? Or they have been arrested for exchanging bitcoin without a valid license ?
2.Nepal trying to follow the Chinese policy over crypto-currency ?

I did not understand what they are accused of?

It really serves right for them as running a Bitcoin Exchange without any permit is really breaking a law, you are operating a business without any legal authorization you are unjustly enriching yourself. Not only that I assume that the suspension of their businesses will also result to the confiscation of all cryptocurrency in their exchanges which is a bad thing for their clients as all of them will experience losses.

that's also my concerned mate the traders whos going to lose their investment since the exchange was been close and the owners will be in prisoned
do we have any updates if what will happen to those coins inside their service how that investment will turned to after this incident, its really a bad
business if you will start it illegally better to deal with government jurisdiction before starting,.

No matter what they are accused of. This does not happen in countries where there are independent courts. The arrests of bitcoin users place where it all depends on what the authorities want. Most often traders or users are charged with tax evasion or illegal banking operations. Theoretically, each of us risks when changing the bitcoins to Fiat.

We both know it, but we are talking about crazies here. There must be a purpose for this crackdown and when you see no viable reason it usually means money. Countries like Nepal stink of corruption and we all know that most governments treat people like property. They thought traders should be rich, so they put them in jail and I bet they confiscated their computers. Now they'll have a choice: give up all their money and get a small sentence or don't and get raped in prison.
BTW Nepal has much higher corruption rate than countries like Mexico, Thailand and Pakistan, go figure.

More scenarios like this might happen in the future, of course officials wants to regulate crypto currency as they are seeing it's potential of exceeding fiat currency. Since centralizing it is merely impossible having this kind of regulation is the solution that they are using.

I know how the police arrested the miners for the fact that they used the equipment to transfer secret information. Nonsense! But in order to prove it you need to hold the expertise that may last a year or more. But it is not known in what state will return the equipment. No one checked its performance at the time of arrest. Then offer a bribe to expedite the process. And this is only one case. There are other cases.

makes me sad that people simply trading bitcoin went to prison. they don't deserve that at all and I hope countries come to this conclusion.

Yes there is risk that the government can charge people with something if bitcoin is illegal in their country. There are those countries that has neutral stand towards bitcoin, not declaring it as illegal but not regulated as well. For these countries, I think it is safe to transact with bitcoin as long as I can't violate any existing laws that can be treated as illegal such as money laundering as long as I have proof of my source of income. As for Nepal, bitcoin is illegal in their country so it is not surprising that authorities act when they knew that some of their people are operating bitcoin exchange. Nepal is known to have a corrupt government so they want to have control of the flow of money and bitcoin is one that can't be controlled so they openly stated that it is illegal.

It’s sadden me how Nepalis government officials are greedy and manipulated by they’re financial institutions. Bankers might have to do with it and there’s nothing we can do to stop it but to careful to our own country when this regulation and banning start to spread on our own backyards.

“Bitcoin is illegal in Nepal.”
– Kedar Prasad Acharya, Deputy Director of Nepal Rastra Bank.

Yes Nepal banned the used of bitcoin, they said it is because they can track the transaction and it is high risk.

https://www.rabinsxp.com/bitcoin-illegal-nepal-says-central-bank-nepal-bans-transactions/

Illegal if stated by law and violating it is punishable on terms it was been approved.

My reaction at first is a little bit confused of what I’m reading is true or not. But it turns out to be legit and to be one of them as an example to those who violates the law is the last position i would like to be with.

We do find regulation is needed but to be on the foot of those arrested in that situation is something they’re government must act intelligently. Hope most of us have learned a valuable lesson on this bad fate by doing what is right and lawful.

This really isn't surprising if you ask me. Nepal has always hated crypto currencies ever since.
Honestly, I pity those men imprisoned just because of using bitcoins. But they already knew what would happen if they get caught.
And still they chose to continue using bitcoin. So they should face wjat ever the consequences may be.

This news is really quite scary if you ask me, because other governments may do the same to any of us here. I wish this hatred for crypto just disappears so that we all can unite in making this world better with the help of crypto currencies.

Not just in Nepal, but people are getting arrested for fraudulence.
Many Bitcoin MLM companies are starting to get out of hand, we can all recognize them as pyramid scams, where you'd need to invest a certain amount of money, and after a few months, they'd double or even triple the amount.
 

is that because money laundry, so some people use bitcoin to trade
i think you need legal license, from your goverment

Unfortunately my country also forbid bitcoin for transaction but people still able use bitcoin but with their own risk.
Luckily my people still not being arrest for using bitcoin until now and bitcoin popularity also quite low.

I agree. And also, the government are strict in some countries and everyone should be aware with the regulations. Bitcoins is safe as long as you do the trading in a legal manner.

You that detectives had read? Where the user of dirty money? Lol! The government believe that all our money is dirty. They want us to work and the salary was given to them. Bitcoin allows you to be in another jurisdiction and be beyond the reach of the laws of the state. Therefore, all governments of the world although the ban on bitcoin. The only difference is that some do it explicitly and some hide their intentions under the guise of legalization.

As I know, Nepalese currency is pegged with Indian currency and Indian monetary system plays a huge role in Nepalese system. So since bitcoin is not getting a legal status in India, it won't get in Nepal as well.

That's really laughable steps taken by Nepal Kingdom. They were one of the first countries in Asia to open up casino but now arrested people for bitcoin trading. How convenient is that! That means, you can gamble legally but you can't earn money online. That's the actual story of two-faced Nepal king. I strongly condemn this step taken by Nepal King. He just can't digest that fact that their citizens can earn something which is not regulated by them. Not a good news!

The news started in october so maybe things got a little lighter now. It is good for economy but it their rule banned crypto trading, then i guess citizens must make transaction overseas to at least avoid conflict with the law.

Since transactions can be done easily on other country then this way would really be the best way if you do make trades and do make huge transaction volumes or profits then if you do see that your government do prohibit and do treat it as a fraud then better to avoid it if you don't like to go into prison. This is just really a desperate decision and why bitcoin trading is illegal. Well we cant do anything about it as a citizen we don't really have the power to oppose.

As i know ,Nepalese leaders aren't using bitcoin to launders their money that is why CIB took such action. There are lots of big corruption case where they tie their hands and act blind where as on the issues of Bitcoin they arrest people..

Well it should really not asked for more, it's totally a prohibition by the government but I have a question is it only in Nepal or whole country of India? Because if that's so, India should have strong support regarding cryptos because it has big potential growth on economy if they will just support for it.

Well, never to judge those three but as an enthusiasts too I think doing the same as they do will be in my mind too as well as others that will take risks. Hope many would realize what crypto bring in a country.

When you read the news right they are being arrested not because of Trading Bitcoin but because they are running a cryptocurrency exchange which is illegally operating in Nepal. Bitcoin really in general has nothing to do with it the fact that their exchange is not registered to their country means that their operations are illegal, they are earning from the Nepalese citizens without Tax, the worst thing that could happen is that their citizen's money is vulnerable to being robbed as this exchanges can run without you able to track them back.

This shows how much countries are scared about bitcoin, because it can totally disrupts economy


Soon all countries will do the same, to prevent the mass to go full bitcoins

It seems to me that all countries will adhere to the General policy of the ban of bitcoin. A lot of money and there will always be a country that wants to keep them. It will be a kind of offshore zone for bitcoin users. Trade exchange and storage will be carried out on their territory. I don't care who earns the mediation. So I'm not afraid of bans.

Ok then, add Nepal to the list of tyrant nations.  ::)

I thought about a trip there, but I no longer visit countries that won't accept bitcoin.

It is sad to know that crypto-trading is not legal in Nepal.
Nepal made casino legal coz it help them to earn taxes and increase the nation Income of their country. Moreover it also helps them to increase Tourism in their country.
On the other hand, Bitcoin will not help Nepal to earn any taxes. Even BTC usage may decrease nepal's national incomes as BTC being anonymous and can't be tracked so it may be used for tax evasion.

For the example, my government forbid bitcoin because it can be use for money laundry that's why my government will make the legal regulation for bitcoin.
At the moment, I can still own and trading  bitcoin without fear getting arrest !

You can say it now because you are free and not living behind the bars. But when you're on the situation things will change.

I'll give you an example;

Violating laws with such crimes that are prohibited by the country must be followed and be a law abiding citizen.

I can say this because I'm lucky that my country isn't prohibiting bitcoin trade.

If you can understand what I said, you know what those people feeling now.

If bitcoin is declared illegal in a certain country like Nepal, the people shall abide the law or face the consequences specially if they are engaged in an local exchanges business in which not only involved in illegal bitcoin but also no permit to operate such business.The Nepal government should not miss the advantages that bitcoin can gives that if they are really afraid of the disadvantages they could simply regulate it to ensure that it could not be use in illegal activities in which is their reason of banning.

Do you think that the market can only be in Nepal? Lol. All users can use the services of exchanges around the world. It will not be a violation of the law of Nepal even if there will be a complete ban on the use of bitcoin. I do not understand what it gives to the government. It's probably just allows you to scare away potential new users of bitcoin.

I don't get what you mean, your gov't forbid trading bitcoin yet they imposed legal regulation? it's contradicting. If you country has some regulations regarding bitcoin it means trading bitcoin is fully legal with some restriction or requirements needed to follow.

Well, every country sets their own rules towards crypto. I have heard about rough relationships between the law and crypto currencies only in Bangladesh. They announced their politic towards bitcoin in far 2014. Nepal is their neighbour, so I suppose the law is pretty alike there. But I didn't ever here about any incident before this case.

Sometimes it is because governments are confused and afraid, and think anything associated with bitcoin is somehow legally suspect. If electricity is government subsidized, then somebody mining bitcoin and using a great deal of power to do so can put the government in an awkward position, and it is easier to try to forbid mining than to understand it and adjust other policies. And sometimes people are arrested for electricity theft, not for the mining itself.

Who told you that electricity is subsidized by the government? It's a lie. I don't know what country you live but I it seems to me that in your country a variety of electricity rate for individuals and legal entities. This does not mean that the government subsidizes energy producers. This means that the population does not have a large income and not able to pay a lot. Find out at what price your state sells electricity abroad and you will be shocked.

Reading this news made me realized how fortunate I am to live in a country that is not yet fully aware of what bitcoin and other cryptocurrency is. Having them banned is quite scary. However, it was already a common knowledge that Nepal and their banks had already announced that bitcoin is illegal. Therefore, laws against it have already been implemented and it is up to the people to obey the jurisdiction of their country or to suffer its consequences. But this people took the risk because they knew of bitcoin's possibilities and potential. It's only unfortunate that they were caught.

Makes me wonder how they were caught for trading? After all, transactions are all anonymous, and this is what Nepal fears the most.

What is this change? If you are using bitcoin you will still have to change it to Fiat. What prevents you in Nepal to open a Bank card in dollars and receive the translations from the sale of bitcoins. The dollar is not prohibited for use in Nepal. Any bans can always be circumvented. It's more an information war.

Nepal and other countries (Morocco , Russia ) start fight against bitcoin but they have nothing to do against bitcoin only speak and make most new users stay away from Bitcoin

yes you are right, these country and his government are speaking and fighting against bitcoin. the government don't know that bitcoin power no one can stop bitcoin and his trading. one day they realize that and stop fighting against bitcoin.

They will be punished because in reality they do deserve it.. We can give any reason not to condemn illegal act as it is in the first place.. If we as a bitcoin users and businessmen doesn’t follow the law then we all be in prison for it.. Nepal is just implementing the law and we can’t do anything about they’re decision about banning bitcoin because that is what they feel is right.. Those arrested should go to other country that bitcoin is legal before starting..

Sad. seeing this for the first time. I hope they get out with the minimum fine. Trading should not be classed as a criminal activity, and i believe that with time, the Nepalese government will see sense and change their idiotic policies towards crypto currencies.

If your country does not allow you to use Bitcoin, then one should not invest or make an transaction because the result will be harmful. As seen in this example, users who tried to use Bitcoin were arrested. So, ask your government to make it legalize or else forget about it.

Nepal is a poor country torn from civilization. I did not even think there was an Internet there. Perhaps the government of Nepal prohibits cryptocurrency for religious reasons.

Crypto-Currency like Bitcoini is treated as threat by many Banking institutions. So most countries like to maintain control over financial and banking system of the country. Bitcoin does the opposite.

Bitcoin owner should always be aware about the jurisdiction of their government about using bitcoin. I must say that this news is too much for those who are arrested because maybe their government was only thinking about that it's used for money laundering and illegal drug trade.

it so very interested to earn money..

Crypto-Currencie like Bitcoin is treated as threat by many Banking institutions. Most countries like to maintain control over financial and banking system of the country. Bitcoin does the opposite.Many countries including Bangladesh banned bitcoin after 2014 Scandal with strict jail term. But as with other laws, it’s difficult to implement in countries.

I don't know if they do legally or illegally make trades for which they are being arrested.If its just a simple and plain trading up then I would say they don't really deserve it since they might not know that their country is already prohibiting the use and trading off bitcoin but if does then they are unlucky that they are being caught by the government which do really suck if I was on their position.This is why we should really be keen and observant on such changes of laws on our vicinity.

Nepal is one of the several countries that sees bitcoin or any cryptocurrencies as a threat to their national security or financial system and would not allow any virtual currencies that they can't be controlled. Or maybe they having a hard time creating a regulatory framework and opted to ban the bitcoin instead.

Misleading title, they are not arrested because they traded bitcoin but because they tried to scam someone

OP must not have known the difference of trading and scamming.

In Nepal, Bangladesh, Kyrgyzstan and Indonesia, the use of crypto money and the stock market are forbidden. These countries are not economically and socially strong countries. A strong economy is needed to take such a ban.

BTC and fraud go well together, people is what stops the coin growth at a worldwide scale

The law is the law, we may like the idea of bitcoin being legal worldwide but if bitcoin is forbidden in your country and you still want to hold then you need to remain hidden these people did not do it and now are facing the consequences and are going to need to pay for their crimes, it is sad but they were playing with fire and now are going to get burned.

I was born in Nepal and I am happy that I emigrated from that country for my studies when I was young. These idiots will never understand the fact that Bitcoins can't be banned. If Bitcoin is banned in Nepal, then the users will simply travel to India in order to conduct Bitcoin trading (Nepalis don't need visa to enter India and Indian Rupee is widely accepted in Nepal).

That is one way to be legally trading Cryptocurrencies but I don't think it is efficient to do so, I mean cryptocurrencies are volatile which means you must be actively trading it going in and out of the country just to trade does not look favorable for you not unless you are earning considerable amounts of money for your account. And I don't think you have understand the news right the people who got arrested for Cryptocurrency Trading are running its exchange operation illegally without any business permit.

It really a good option to migrate but would really have lots of things to be considered first before you would able to do such thing and as being said you should really have a justfiable amount of profits that would really be worth it for your immigration in other country for the sake of getting freed from laws that you dont like when it comes to bitcoin or crypto trading.This is just an another case since as being said link doesnt mention about that but for those people who do have exchange which really violates countries laws.

Well that could be possible only if India make the Btc legal and start accepting it . Currently their is no clear indication if govt will give the green signal in India  for cypto currencies . Though it's moving in positive direction till now but final decision is Yet to be laid out .

In other hand Nepal has their own law and which people will now have to follow it .

What they did is to send a message to the outside world in other to make them panic but like I said, it will only slow it down and not stop it.

You may need a money transmitter license in Nepal, I'm not too sure of that countries laws and regulations regarding financial transactions.
If you use local Bitcoin here within the U.S, you risk being caught by law enforcement because in order to act as a converter of fiat you need a money transmission license, not only in the state where you transmit your transactions but a license in the other states you might trade with if I'm not mistaken.

Very interesting may details. I think that here some kind of a problem with those who sell

It is a good point but if you think about it: bitcoin is "illegal" per se since the country simply doesn't have a definition or regulations for it. And although it's out of law, it's not prohibited? So how can anyone possibly get a license for something so undefined like bitcoin?
I'm sorry for those guys as well. Their arrest doesnt look fair t me(

So cryptocurrency in Nepal is some kind of a revolution to their central bank ?. I mean of you do cryptos, you earn money beyond their monetary system and that is prohibited?. Ive read the article and i think those seven people just do a normal day trading just like we all do. It is such that, crypto on their country is against their central bank or rather government thats why they get arrested.

That is why it is so important to follow the rules of the government, if your government does not want you to involve in crypto just follow them first, and you make protest or any studies and show to them if they were open for an open public but if not then you must have to be careful with your actions.

This is normal because Bitcoin is ban in their country in which anyone who involve in Bitcoin transaction will face the consequence of defying their law. So therefore they should avoid Bitcoin transactions to avoid being arrested and accept the fact that this government is so blind to see the benefits that may enjoy if they will adopt the Bitcoin investments.

It should then be the responsibility of a trader to know and be updated of the laws of their country. The maxim of 'ignorantia juris non excusat' literally says that ignorance does not excuse you from the law. It would be a shame if the traders were simply going about their normal discourse of business and were arrested for this just because of a prohibition within their country. Even i you were not doing anything criminally, having these kind of laws would spell trouble for the common man.

That would be a lesson to all of us that we should always follow all the news related to bitcoin and other cryptocurrencies on our countries. I'm so sad for them, they just want to earn few bucks of money through bitcoin trading but suddenly got arrested because of their monetary systems selfishness not knowing some rules are implemented already about it. Well, if they are rich enough, maybe they can afford bail or else stay in the prison for up to 3 years!  :'(

I am sad for that people..everyone must obey the laws but Bitcoin should not be illegal.

And however it's due crypto is still feared by the governments, and maybe not yet a time it's still that cryptos is really considered more directed to the positively things and responded well by the entire governments.
Let the time to answer, hopefully as time goes on bitcoin indeed can be responded well and arranged as possible by the entire governments.. if bitcoin can survive in a very long time and really directed to the currency which's useful, as an alternative currency that's not at all to harm the countries and its citizens.

As long as it is banned in a country, we cannot do much about it.
Though it's not fair for users to be jailed without being involve in cases such as laundering and fraud. But if at some point they are, they should really be jailed.

The thing is, bitcoin and other cryptocurrencies are NOT the problem. Instead it's the illegal activities that uses bitcoins that should be stopped. Virtual currencies are just currencies, commodities and the fact that it is created for our own good and not for increasing the rate of crime.
I just hope the government see it that way too.

I do not think they're being arrested for trading.there is probably something wrong with it.no need to be afraid..

Almost all countries do not have clear legislation on the use of cryptocurrency. Law enforcement agencies are corrupt. Therefore, they arrest users for fictitious reasons. Then they extort bribes and release users. This situation will last forever. We do not require the government to address this issue. We are indirectly responsible for this situation.

Even here in our country  a lot of scammers are now on the watch list and were banned here in our country, I am just hoping that they will get arrested so that they can pay for the consequence for what they did to people who trust them, that is why it is so important that you have any idea or knowledge with what you are entering at.

My government also do the same because bitcoin still not legalize yet so for who using bitcoin as main transaction especially public store, it's forbidden.
Meanwhile, I can still trading without being being fear against the law because it's just same as stock trading as I'm trade in local platform

How are we supposed to force anything from the governments on our own? It's not that they care about people's wellbeing, so you on your own don't stand a chance against the higher authority.

The only way to force something through when it comes to the government, is that the mass stands up for its rights. If no one is doing anything and just accepts its faith, then nothing will ever change, which is a sad thing.

People as in the mass have so much potential overthrow the higher authority, but they lack the equal minded spirit to do something, which will likely never change. People will continue to be sheeps for ever.

Well, some countries wanted to prove to their sovereignty that they do have the power and we should be afraid of them, of course they don't care because they are not affected by cryptocurrency since they are already rich people so they don't want other people go beyond after them.

The use and transactions of bitcoin and other cryptocurrencies in Nepal is not allowed or illegal according to their own central bank. This is a reason why the Nepal authorities arrested some people who trades bitcoin. Nepal might also seek to impose a strict regulations on cryptocurrencies before allowing their citizens  to buy or trade bitcoin. Many countries in Asia are also planning to create a law that could effectively regulates and tax cryptocurrencies in their area.

The fraud, which lasted from 2015, resulted in 3,900 investors losing $ 38 million. Victims are tricked into investing in Bitcoin investments, which promise bigger profits.

Is this true? To be honest I'm not aware of that news. So maybe that's where the government of Nepal is coming back. Bitcoin started in the wrong foot in that country that's why they put the hammer ban.

But then its not bitcoin fault. People should really do a research before investing. They shouldn't listen to those scammers. I guess they are too greedy because for sure they been promised of a big return. And when someones emotions takes over like you greedy your decision will be clouded and the next thing you know, you are already putting a huge amount.

Just for trading! I don't think so because most of the countries are involving in Bitcoin trading and some countries have legalized and some countries are giving warning, but simply trading is not their major problem maybe they did some other thing by cheating people.