7 People arrested for Bitcoin Trading

[Rooster101]

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.

[Enjorlas]

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

[MoneyMotivatesMe]

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.

[Granxis]

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.

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.

[inklingzade]

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

[aeternus]

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.

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.

[Sithara007]

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.

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).

[Harlot]

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.

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.

[Koadharber]

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.

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.

[onrise]

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.

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).

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 .

[haiyendy]

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.

[chaoscoinz]

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.

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.

[xankor]

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

[Nati.Curiosa]

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

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(

[goaldigger]

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.

[makolz26]

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.

[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.

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.

[orions.belt19]

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.

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.

[uelque]

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.

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! 

[reddolphin]

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