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Basmic
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October 06, 2017, 04:54:14 PM |
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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.
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HashFace
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October 06, 2017, 05:01:02 PM |
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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?
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jseverson
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October 07, 2017, 04:04:41 AM |
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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. |
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Kemarit
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October 07, 2017, 04:33:44 AM |
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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. |
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GreenBits
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October 07, 2017, 04:57:57 AM |
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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  ) 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  |
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bakerlisa510
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October 07, 2017, 05:50:30 AM |
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I think you are talking about the case of delhi in india?? |
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audaciousbeing
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October 07, 2017, 06:38:34 AM |
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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. |
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Fortify
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October 07, 2017, 09:11:27 AM |
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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,
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usorin
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October 07, 2017, 06:46:20 PM |
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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. |
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Proton2233
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October 07, 2017, 08:37:26 PM |
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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.
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lady Royal
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October 07, 2017, 08:43:33 PM |
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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. |
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jjacob
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October 07, 2017, 09:09:18 PM |
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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?
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. |
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deadsilent
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October 07, 2017, 11:33:16 PM |
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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.  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. I think you are talking about the case of delhi in india?? The site's name was Kathmandupost. Kathmandu is the capital of Nepal. I think this news came from Nepal. Maybe im wrong. |
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jdarren
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October 08, 2017, 04:26:11 AM |
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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 |
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Kronos21
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October 08, 2017, 11:49:38 AM |
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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?
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. 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. |
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Klausi
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CryptoTalk.Org - Get Paid for every Post!
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October 08, 2017, 12:16:04 PM |
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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. |
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veleten
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October 08, 2017, 02:57:48 PM |
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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=NX9tjFmaTdMI 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? |
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usorin
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October 08, 2017, 07:27:55 PM |
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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=NX9tjFmaTdMI 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.... |
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BitcoinSupremo
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October 08, 2017, 07:31:13 PM |
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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.
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