Hello Steemians,Today I am going to tell you why bitcoin is made illegal in Nepal.
Firstly,I am going to give you a short intrroduction on bitcoin.
What is Bitcoin?
Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency,as the system works without a central repositary or single administrator.It was invented by an unknown programmer or a group of programmers,under the name Satoshi Nakamoto and released as open source software in 2009.The system is peer-to-peer and transactions take place between users directly,without an intermediatory.These transactions are verified by network nodes and recorded in a public distributed ledger called a Blockchain.
Is Bitcoin legal in Nepal?
If you are in Nepal and have some Bitcoins with you,then you can definitely use them for your digital transactions as long as you are not interfering with NRB's policy.But,operating Bitcoins on daily purposes say on th businesses listed above might be against NRB's terms.
Why is Bitcoin illegal in Nepal?
Central Bank of Nepal doesnot permitt untracable currency and Bitcoin is not able to track the transaction and is a high risk for going outward remittance for buying bitcoins than inward remittance.So,Bitcoin is made illegal in Nepal.
7 people doing higher Bitcoin transactions were arrested in Nepal.
Is there future of Bitcoin in Nepal?
It will be interesting to see how the cryptocurrency sectors develops in Nepal.Although this is not a major cryptocurrency hub by any stretch of the imagination,any form of regulation could set a dangerous precedent and stifle innovation.Whether or not Bitcoin will be banned altogether remains anybody's guess for the time being.There are a lot of questions and very few answers right now:that much is certain.
What is Bitsewa?
Bitsewa is a Nepal's first Bitcoin company that allows people to do transactions.After the law passed on Bitcoin,Bitsewa was also closed.
You can see Bitsewa's frustation on Nepalese government below;
So what do you think about illegalness of cryptocurrencies in Nepal,feel free to write your opinion on comment section below.
Thank You and Greetings from
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