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Bitcoin Illegal in Nepal, Blockchain transaction banned in Nepal

Bitcoin is illegal in Nepal says Central Bank of Nepal, Bans On Any Transactions

KATHMANDU, JUN 30 – Bitcoin is illegal in Nepal.” says Deputy Director, Kedar Prasad Acharya, Nepal Rastra Bank in an event organized at Thames International College, 30th June 2017.

Bitcoin Illegal in Nepal, Blockchain transaction banned in Nepal
“Bitcoin is illegal in Nepal.” – Deputy Director, Kedar Prasad Acharya, Nepal Rastra Bank.

In an event organized by Thames International College, Nepal Business Gabfest, 2017.
A question was raised regarding bitcoin legalities and regulation in Nepal.  Then we received the following statement by Kedar Prasad Acharya (Deputy Director of Nepal Rastra Bank).
“Bitcoin is illegal in Nepal.”
– Kedar Prasad Acharya, Deputy Director of Nepal Rastra Bank.
The Bitcoin or Blockchain companies are promptly suspending Bitcoin trading in their platform and customer are not be able to buy/sell bitcoins thereafter.

Why was Bitcoin banned in Nepal?

Central Bank of Nepal is not able to track the transaction and is a high risk for going outward remittance for buying bitcoins than inward remittance.

Public Opinion: A lot has changed in terms of perception and in terms of where digital currencies are. Digital currencies are here and have set a solid foothold in the world economy. Its acceptance has accelerated, governments around the world are realizing its importance and its value. One thing is for sure, digital currencies will do more good to the people of the country than harm. Hope that the government will soon realize its endless possibilities and formulate regulations that support innovation and growth.

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Comments

10 responses to “Bitcoin is illegal in Nepal says Central Bank of Nepal, Bans On Any Transactions”

  1. CoolBoi567 Avatar
    CoolBoi567

    Now they will say it is illegal.. After few years(OR decades) when Bitcoin will become the base currency instead of USD then Nepalese Government will realize how much of a mistake it was to declare it illegal. By that time it would have been too late to acquire Bitcoin in cheap as it will surely reach its maximum capacity of 21 Millions bitcoins and it will be dear.

    Government of Nepal should treat it as a commodity rather than a different currency. They should know the potential of Bitcoin and other Blockchain Cryptocurrency, which are decentralized i.e. “No One is Controlling it”. They are thinking that not adopting change is “playing safe”. But if we hadn’t adopted emails and chat sockets, then we would still be using Postal Office letters. Those who can’t wait for few minutes to get reply from closed ones, try to guess how hard it would have been to wait for months to get reply letter delivered. Remember, change is what makes us Intellectual Being.

    Government should consider giving a chance to Blockchain Cryptocurrency like – Bitcoin, Ethereum and LiteCoin. And, see how much of good it will do to people of the country in a decade of time.

    Reply
    1. Rabins Sharma Lamichhane Avatar
      Rabins Sharma Lamichhane

      What I believe is Central Bank of Nepal should allow Bitcoin transaction applying Know Your Customer (KYC) policy on every Wallet providers. The main issue is Nepal Rastra Bank (NRB) is not able to track the outward remittances as Bitcoin currency being anonymity. However, wallets can be tracked as it has a serial number, unlike Bitcoins.

      I will take time. This time, NRB is doing their research so they haven’t published any printed press released but had only orally raised this issues.

      Let’s see how it goes.

      Reply
  2. Rabin Avatar
    Rabin

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  3. hemant Avatar
    hemant

    So what will the government do if we agree on trading business?

    Reply
    1. Rabins Sharma Lamichhane Avatar
      Rabins Sharma Lamichhane

      The government of Nepal has banned means you are not allowed to do any transaction. So, simply if you agree or not, it doesn’t matter at all. You may be referring if you are conduction via other non-Nepalese wallets. Well, you can do. But the question is, what if they track your transaction to purchase Bitcoin or source of your earnings? So, it doesn’t matter you do the trade or not. But when your transaction comes under their radar, then it may hit you hard as it’s clearly stated as illegal by the NRB.

      Reply
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  7. Deeplove Kc Avatar
    Deeplove Kc

    Bitcoin and Blockchain are the emerging technology. On recent time of writing many developed countries have made Bitcoin legal but situation is far different in Nepal. Today from sandwich to lamborghini we can pay as payment method to buy them. It has changed many things outside but is so slow here.

    Reply
  8. Rabins Sharma Lamichhane Avatar
    Rabins Sharma Lamichhane

    With time Bitcoin is certainly is making a legal presence in Nepal. This will happen soon.

    Reply

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