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.
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.