Nepal Rastra Bank has again stated that virtual currency, cryptocurrency, network marketing and hyper fund transactions are illegal.
The bank issued a statement on Monday reiterating the practice of publishing public notices on the dates 2074/04/29, 2078/05/24 and 2078/10/09 respectively regarding the illegality of transactions/businesses under Bitcoin transactions, cryptocurrency transactions and virtual currency and network marketing. has been done.
Since virtual currency/cryptocurrency (including stable coin) has not received legal recognition as foreign exchange or currency in Nepal, it is not legally accepted in Nepal, is not guaranteed by the government of Nepal and has not been issued by this bank, and because there is no protection of any kind, the transaction of virtual currency/cryptocurrency (including stable coin) Rashtra Bank says that it is illegal.
It has also been reminded of the inherent risks related to virtual currency/cryptocurrency, pyramid-based network marketing and hyper-money laundering and terrorist activities, investment fraud and tax evasion, investment insecurity, capital flight, price instability and fluctuation betting etc.
Citizens, firms, companies, institutions (including foreigners) residing in Nepal and all Nepalese citizens residing outside Nepal and firms, companies, authorities and branch offices of such companies or institutions located outside of Nepal, all types of virtual currency, cryptocurrency, pyramid marketing, hyper fund transactions. The bank said that if it is found to have done/made it and if it is found to have done/made it related to its use, involvement, membership, investment, ownership, transfer, remittance, exchange, remittance, action will be taken according to the prevailing law.
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