Rshatra Bank’s Cryptocurrency Risk Analysis: Retaining Ban is Desirable

Nepal Rastra Bank has said that it is desirable to maintain the ban on cryptocurrency. It has been concluded that it is desirable to maintain the ban on cryptocurrency related risk analysis conducted by the National Bank.

In the report, it is mentioned that cryptocurrency is not only for the country but also for the people involved.

Risk of not maintaining overall economic balance due to cryptocurrency, risk related to financial stability, risk related to non-implementation of monetary policy, risk related to negative impact on foreign exchange reserves, risk related to financial investment in money laundering and terrorist activities, risk related to financial customer protection, investment insecurity As the risk related to fraud and tax evasion, the risk related to cooperation with international organizations, the risk related to lack of financial mediation, etc. will continue to exist, it is desirable to maintain the ban imposed by Nepal Rastra Bank,” the analysis concludes.

It has been mentioned in the analysis that cryptocurrency is not guaranteed by the government of any country, has no security, is not a financial intermediary and has no utility other than for betting purposes, and the invisible object is not universally accepted and is only used for the vested interests of a certain group.

Different countries of the world have adopted different regulations regarding cryptocurrencies according to their basic needs. But Nepal has been banning it.

Nepal Rastra Bank published public notices on various dates by granting the authority given by Section 12 of the Foreign Exchange (Regulation) Act, 2019, as Nepal has regulated arrangements in capital transactions with other countries and there is a ban on investment abroad from Nepal. It has been banning cryptocurrency.

Here is the risk analysis

Images mentioned above related to are either copyright property of ICT-Samachar or respective image owners.