Now days, many people are making money from digital currency in the digital age, there are different ways to make money online one of the best options is cryptocurrency. Nepal has banned to use cryptocurrency if any body use cryptocurrency or digital currency in Nepal it is finical crime
What is cryptocurrency and why it's banned in Nepal?
A cryptocurrency, also known as a crypto-currency or crypto, is a digital money that functions as a means of exchange through a computer network and is not supported or maintained by any central authority, such as a government or bank.
Because of the increasing danger of fraud and illicit outflow of local resources, the Nepal Rastra Bank has issued a directive prohibiting any investment in or transactions for cryptocurrencies or hyper funds. Anyone caught dealing in virtual currency, whether a Nepali or a foreigner resident in Nepal, or a Nepali living abroad, will be prosecuted.
The Nepal Rastra Bank has declared Bitcoin and other cryptocurrencies to be unlawful forms of financial money, citing two laws in its state prohibiting Bitcoin and related transactions: the foreign exchange statute of 2019 BS and the Nepal Rastra Bank Act of 2058 BS. Essentially, it states that you cannot conduct bitcoin transactions in Nepal or use bitcoin to swap foreign or Nepali cash since bitcoin is not recognized as a currency by the Nepalese government, and so utilizing the internet for bitcoin transactions or exchange is prohibited. The Nepalese government is considering creating a state-backed digital currency issued by the Reserve Bank of Nepal (RBI), while prohibiting private digital currencies such as Bitcoin. This is a regular situation.
Existing money-related legislation in Nepal restricts the flow of money out of the nation. Minor possibilities are tolerated, which has always prevented external direct investment. The flow of digital money will undoubtedly be halted as a result of this.
Nepal, like the rest of the globe, will most likely move as the global consensus shifts.
0 Comments