7 People arrested for Bitcoin Trading

[jossiel]

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

....

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.

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[Flor1982]

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.

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.

[Coffee135]

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.

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.

[erasheed28]

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

....

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 !

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.

[Taki]

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

....

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 !

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.

[jungwong]

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.

[Lancusters]

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.

[Jon lang]

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.

[Kronos21]

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.

[shantoote]

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.

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

[mwsind]

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.

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.

[Kingofbitcoin12345]

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..

[treather]

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.

[freaker]

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.

[Happy Miner]

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.

[ralf2018]

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.

[Oo ako to]

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.

[miracle_07]

it so very interested to earn money..

[Felix1]

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.

[carlfebz2]

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..

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.