On August 13, 2017, Nepal Rastra Bank published a notice stating that "Bitcoin and Other cryptocurrencies are llegal in Nepal."
After two months of notice publishment, On October 6,2017 Nepal's Central Bureau of Investigation (CBI) arrested seven individuals involved in bitcoin releated operations. It was the first arrest concerning cryptocurrency transmissions. Bitsewa, a platform for buying and selling bitcoin in Nepal, was shut down after the incident.
But, Why is Nepal not legalizing Cryptocurrency, where other countries are? There are various reasons for cryptocurrency being illegal in Nepal. Some of them are pointed below:-
1) There is risk of going outward remittance while buying bitcoin
2) There is lack of awareness among people
3) Lack of technology and information
3) Not being able to recognize endless possibilities of CryptoCurrencies
4) Conservative thinking
5) People's thinking of their money being safe on Bank than Online
6) People being not smart enough to understand crypto and protest against government
7) It may cause downfall of Nepalese currency and SO ON.
Then, Should Cryptocurrencies be banned in Nepal?
NO, cryptocurrency should not be banned. There are many advantages and endless posibilities of cryptocurrencies. Cryptocurrency provides complete anonymity . Unlike traditional money/paper money, no personal information is carried during it's use. It also free user from paying high fee, tax or interest , which is charged by bank. Unlike traditional/bank/paper money, cryptocurrency are digital and provides better security. It is much harder to steal cryptocurrency than wallet full of paper cash.
One of major advantage is that, cryptocurrency has access to market of whole world. In this developing world, billions of people use internet to do their financial transaction, cryptocurrency is sure to rise up. These online money is becoming so popular among people that everyone will get it in near future. Cryptocurrency are universal rrecognized. It can be trade with anyone on any part of world. So, Nepal should not have banned the Cryptocurrency.
We know, it should not have been banned in Nepal. So, what can we do to remove the ban?
The foremost thing to do is to provide knowledge and awareness to people. People should start to believe in digital currency and should know its use on daily lives. People should made known to the advantage and it's endless possibilities. If people get's eduacted and starts to believe in Cryptocurrency, they will protest against the government to remove the ban from Cryptocurrency. In this way, making people and government aware about Cryptocurrency, we can remove the ban of cryptocurrency on Nepal.
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Feels so weird to read about this that people are getting arrested for just using BTC. Hopefully you guys can influence people and politicians to change this regulation.
yea, It's so weird. Others are promoting crypto, when ours are arresting users. Hope digital currency will be legalized soon
Governments are always afraid of stuff they don't understand and/or can't control unfortunately. But hopefully they can see the benefits instead of being scared.
absolutely, government wants to control everything. though when government and people understands the advantage and possibilities of cryptocurrency, it may be legal.
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