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

Rabins Sharma Lamichhane

Rabins Sharma Lamichhane is the owner of RabinsXP who is constantly working for increasing Internet of Things (IoT) in Nepal. He also builds android apps and crafts beautiful websites. He is also working with various social services. The main aim of Lamichhane is to digitally empower the citizens of Nepal and make the world spiritually sound better both in terms of technology and personal development.

5 Responses

  1. CoolBoi567 says:

    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.

    • 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.

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  3. hemant says:

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

    • 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.

  1. January 4, 2018

    […] via : https://www.rabinsxp.com/bitcoin-illegal-nepal-says-central-bank-nepal-bans-transactions/ […]

  2. March 20, 2018

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  3. March 20, 2018

    […] opposite crypto trading. In July, however, the executive bank’s emissary executive did say that “Bitcoin is illegal,” but expanding on […]

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