Nepal Rastra Bank had no plans to regulate bitcoin, Nepal Rastra Bank haven’t permitted anybody to use Bitcoin in Nepal
The Legal status of bitcoin varies substantially from
country to country and is still undefined or changing in many of them. Whilst
the majority of countries do not make the usage of bitcoin itself illegal with
the exceptions of Bangladesh, Bolivia, Ecuador & Kyrgyzstan, its status as
money or a commodity varies with differing regulatory implications.
While some countries have explicitly allowed its use and
trade, other have banned or restricted it. Likewise, various government agencies,
departments and courts have classified bitcoins differently. While this article
provides the legal status of bitcoin, regulations and bans that apply to this
cryptocurrency likely extend to similar systems as well.
NRB Statement on Legality of Bitcoin in Nepal
Bitcoin is illegal in Nepal
On 30th June 2017, the Deputy Director of the
Nepal Rastra Bank, Kedar Prasad Acharya, made a statement that the Nepal Rastra
Bank had no plans to regulate bitcoin, Nepal Rastra Bank haven’t permitted
anybody to use Bitcoin in Nepal in an event organized by Thames International College, Nepal Business Gabfest 2017.
Why Bitcoin is Banned in Nepal?
Nepal Rastra Bank is not able to track the transaction and
is a high risk for going outward remittance for buying bitcoins.
As bitcoin provides anonymity to its users, it has become
the currency of choice for ransomware attacks, which is evident from the recent
WannaCry and Notpetya attacts which took world by storm.
Conclusion
May experts say that governments have now come to understand
thatlike the internet, bitcoin is not owned by any one central authority, and
this may be difficult to ban.
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