NEPAL BANS CRYPTO!! 7 PEOPLE ARRESTED!!

On August 13, 2017 Nepal Rastra Bank declared cryptocurrency as illegal. But on October 6, 2017 Central Investigation Bureau (CIB) of Nepal Police arrested seven individuals for illegally carrying out bitcoin exchanges in different districts. This was the first arrest of cryptocurrency for the first time in Nepal. In the same month on October 26 CIB arrested the owner of Bitsewa Private Limited for illegally carrying out bitcoin transaction in Kathmandu and Pokhara. They are now held in prison according to laws and regulations supervised by Nepal Rastra Bank, the central bank of Nepal.

If anyone have idea on how to legalised cryptocurrency, then feel free to comment down. I would like to hear your suggestions. Thank you.

Exchange of cryptocurrency has been declared illegal but the wallets sites like blockchain, coinbase, coinpot, bitcoin earning site like freebitco.in, familybtc.com, btcclicks.com, adbtc.com, bitcoin fauctes paying sites etc. are all working in Nepal. Only thing is that you cannot buy cryptocurrency in Nepal.

So, why was cryptocurrency declared illegal by Nepal Rastra Bank? The main reason behind this might be our national currencies being invested in foreign cryptocurrency and the downfall of Nepalese economy or Nepal Rastra Bank want to control every foreign currencies or maybe it does not permit untraceable cryptocurrency and the main source of national revenue for government is from banking transaction.

Crytpocurrency is legalised in many of countries and many banks, online sites accept cryptocurrency as a payment method. In 2013, Thailand government declared bitcoin as illegal but in 2016 it was legalised. I think banning cryptocurrency in Nepal is a huge loss for Nepal. Nepal's governemnt is only depending on Remittance money. The craze of cryptocurrency has been increasing day by day and many cryptocurrencies are being invented and discovered. They are secure, anonymous, decentralized and they are not controlled or regulated by some singular authority. Cryptocurrency has less fees for carrying out transactions. We can't all rely on paper money and bank all time. Cryptocurrency is a new economy for future. Cryptocurrency can control corruption. It creates opportuunities for unemployed people to work online and earn crytpcurrency, trade and exchange them. People can get acquainted with latest technology. That's why I think cryptocurrency should be made legal in our country Nepal.

Cryptocurrencies are made legal or illegal depending on country's situation, their economy and technology. Nepal should also invent their own cryptocurrency. The future of country's stake is at the hand of citizens and youths. They can be made technologically aware about cryptocurrency. They should protest demanding cryptocurrency to be legal. The government itself can made cryptocurrency legal and should punish only if that cryptocurrency is used for fraud and criminal activities.