Bitcoin illegal in Nepal

[JinCrypts]

Its really a loss for them to regard bitcoin as illegal because when the right time comes bitcoin will come stronger and reach a new peak in price and i assure that they will regret it.

[Netnox]

The communist government of Nepal is not very friendly towards cryptocurrencies just yet, because Nepalese officials are in the midst of discussing regulatory guidelines. On October 6, 2017, a task-force from the CIB arrested seven suspects allegedly involved with running “bitcoin exchange” operations. The CIB explains that the operators violated the order of the National Bank of Nepal that stated until regulations are conceived bitcoin, and other cryptocurrency exchange businesses are “illegal.”

As far as I know, the Nepali nationals can travel to India without a Visa or a passport and work there. So what prevents them from selling their coins in India and then returning to Nepal with Indian rupee banknotes? After all, the Indian Rupee is widely accepted in Nepal.

[denzkilim]

The communist government of Nepal is not very friendly towards cryptocurrencies just yet, because Nepalese officials are in the midst of discussing regulatory guidelines. On October 6, 2017, a task-force from the CIB arrested seven suspects allegedly involved with running “bitcoin exchange” operations. The CIB explains that the operators violated the order of the National Bank of Nepal that stated until regulations are conceived bitcoin, and other cryptocurrency exchange businesses are “illegal.”

As far as I know, the Nepali nationals can travel to India without a Visa or a passport and work there. So what prevents them from selling their coins in India and then returning to Nepal with Indian rupee banknotes? After all, the Indian Rupee is widely accepted in Nepal.

That's bad news to our fellow crypto traders in nepal, But don't worry this news will not shake the crypto currency entire realm. So what's gonna happen to the exchanges? will the government shutdown those exchange platform and steal the cryptos?  

[luka red]

National Bank of Nepal Deems Bitcoin Exchange Operations “Illegal,” While the CIB Police Force Arrest Seven Exchange Operators


any transaction related to bitcoin are not allowed in nepal and is being monitored by nepal government. nepali police have arrested some bitcoin dealers.
some of the sellers have stopped bitcoin transaction after the news was announced. the main cause that bitcoin is considered as illegal must be national currencies getting invested on bitcoin generated by foreign and the economy gets unbalanced inside the country.

[iram9018]

Responding to the bitcoin legality in Nepal, do not worry, as long as the bitcoin community in Nepal is still much why not continue to access bitcoin. You can still earn dollars from bitcoin you have.

[n0ne]

The communist government of Nepal is not very friendly towards cryptocurrencies just yet, because Nepalese officials are in the midst of discussing regulatory guidelines. On October 6, 2017, a task-force from the CIB arrested seven suspects allegedly involved with running “bitcoin exchange” operations. The CIB explains that the operators violated the order of the National Bank of Nepal that stated until regulations are conceived bitcoin, and other cryptocurrency exchange businesses are “illegal.”

As far as I know, the Nepali nationals can travel to India without a Visa or a passport and work there. So what prevents them from selling their coins in India and then returning to Nepal with Indian rupee banknotes? After all, the Indian Rupee is widely accepted in Nepal.

Yes India and Nepal has got such an accessibility. Ban might have got imposed upon Nepal, but still people continue to make use of it. Same as that of EU here in Nepal too Indian banknotes get used. So, without any form of issues Nepalites continue using bitcoin as well other digital currencies.

[Noilee]

I think they do that because they were found something unusual hapened to their country and I think bitcoin is the main reason ...
We cannot blame them because bitcoins technology and how it works can use in illegal thing and crimes..
Maybe whi knows.. it is the one thing nepal can do to fight those people who and in order to protect their citizens against for example money laundering etc.

Bad luck for those exchange owners it is sad to know

Its sad to hear this news. I think this is not only the reason that they banned bitcoin so they afraid that bitcoin can be use in illegal. There are many reasons i think the other reason is they protect also their people and they protecting their own currency. So its a sad news to the people in Nepal especially who are invest in bitcoin, but even if they banned bitcoin, some other countries can legalize bitcoin. We hope that soon they will able to return it the bitcoin legality.

[Vendetta666]

National Bank of Nepal Deems Bitcoin Exchange Operations “Illegal,” While the CIB Police Force Arrest Seven Exchange Operators

Source :- https://news.bitcoin.com/bitcoin-illegal-in-nepal-police-arrest-seven-individuals-for-trading-operations/

many countries have laws prohibiting bitcoins in their favor with traders or exchangers who are not legitimate, they are too chronically involved in the trade and they do not share it right for consumers and most of these are scammers who are open-minded to work but they do not want to blame all those who have tradings in their country and will not get the bitcoin illegal here in our country

[cosmo39]

National Bank of Nepal Deems Bitcoin Exchange Operations “Illegal,” While the CIB Police Force Arrest Seven Exchange Operators

Source :- https://news.bitcoin.com/bitcoin-illegal-in-nepal-police-arrest-seven-individuals-for-trading-operations/

This is not a good news but don't worry OP because bitcoin is getting broader and stronger.
From time to time they will surely regret it and will accept bitcoin in the future.

Maybe in any country ex. Nepal bitcoin be category "illegal" because in there country regard as threat for for national security

[Malaya]

National Bank of Nepal Deems Bitcoin Exchange Operations “Illegal,” While the CIB Police Force Arrest Seven Exchange Operators

Source :- https://news.bitcoin.com/bitcoin-illegal-in-nepal-police-arrest-seven-individuals-for-trading-operations/

Another sad news. However, we cannot force people to do so. In any changes, it is not that easy for people for adopting new ideas or initiatives. Nepal may look at it as illegal for now but in due time, bitcoin will be widely accepted if all the developers of it will strive harder for people to embrace it.

[boboking]

Any country how wealthy they are that do not recognize bitcoin or cryptocurrencies potential is always a sad news.

I hope they realize the potential of crypto currency trading, it will help their citizen to have extra money for their families.

[Arsenio Aileen]

Many country accept but coin , but not make it legal or their have yet arrange a regularity...


Such as Indonesia, nepal & India

[Clos Belmont ICO]

Bad news for Nepalese people. We'll see how it's gonna go

[Luckylegs]

Poor Nepalese, that is a real blow. Completely agree, no need to imprison the Exchange Opps. Developing countries need to be able to be on board with crypto otherwise it's just  the same old story...

[Siopao]

The Nepal government is threatened wi5 the existence of bitcoin in their economy. That is not good to know because bitcoin have a lot of advantages to offer. Digital currency has a lot of potential in the future and As we move towards the digital currency, together with other countries like Japan, Korea and Thailand; Nepal will be left behind.

[Blue Bell]

They seen as a threat to the economy i think, because Nepal is passing through a transition following a destructive earthquake in 2015, trade disruptions. Although economic activity rebounded strongly in Nepal in 2017, the country still faces increasing domestic and external risks.

I think there are a lot of countries where bitcoin is arrived but still it’s not registered there and its working there and the local people they are using bitcoin and some of the people they have changed their life’s just because of bitcoin and I’m sure bitcoin will also help Nepal in their economy so I’m sure that bitcoin will allow bitcoin in their country because Nepal economy is also not so good and with a passage of time they will make bitcoin legal.

[cryptoprophecy]

National Bank of Nepal Deems Bitcoin Exchange Operations “Illegal,” While the CIB Police Force Arrest Seven Exchange Operators

Source :- https://news.bitcoin.com/bitcoin-illegal-in-nepal-police-arrest-seven-individuals-for-trading-operations/

This is bullshhht the greedy banks started to get alarmed,governments should regulate not totally banned it.

[arlington]

I hope they will gave up on making btc illegal but even if they insist one way or another it will find a way to be adopted cuz it gives hope to people and people don`t give up on it.

[gandhe83]

Poor Nepalese, that is a real blow. Completely agree, no need to imprison the Exchange Opps. Developing countries need to be able to be on board with crypto otherwise it's just  the same old story...

I know that many countries prohibit bitcoin in trading and trading. In my country too, you will be subject to administrative fines or criminal penalties if you find yourself trading and exchanging with virtual crypto coins. I am really disappointed with our government because they have a wrong strategy to prohibit the use of bitcoins as well as other virtual currencies.

[creatovert]

It's really a bad news for us Nepalese because a lot of our economy depends on Remittance. Instead of banning cryptocurrencies Nepal should embrace them because then the families of Nepal can receive money for very little exchange fees and transfer charges... Traditional services like Western Union charge more than 10% of the money in Remittance. It'll benefit the people of the country and as the people get richer, the government will benefit from it. It's really a no-brainer to ban it.

Cryptocurrencies will disrupt a few markets and cause a little damage to the economy too but the pros overcome the cons and it will benefit much more considering the economic portfolio of Nepal. Since Nepal's economy is also heavily linked with tourism, more tourists will flock into Nepal each and every year because it'll be a lot easy for them since currency exchange is the biggest problems they are facing right now. They have to pay a lot of exchange fees to the exchanges when they come to visit Nepal and convert their currency!