“Bitcoin is illegal in Nepal.”
– Kedar Prasad Acharya, Deputy Director of Nepal Rastra Bank.
Bitcoin is a worldwide cryptocurrency and digital payment system called the first decentralized digital currency, as the system works without a central repository 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 intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.
In an event organized by Thames International College, Nepal Business Gabfest, 2017.
A question was raised regarding bitcoin legalities and regulation in Nepal. Then we received the following statement by Kedar Prasad Acharya (Deputy Director of Nepal Rastra Bank).
“Bitcoin is illegal in Nepal.” – Kedar Prasad Acharya, Deputy Director of Nepal Rastra Bank.
The Bitcoin or Blockchain companies are promptly suspending Bitcoin trading in their platform and customer are not be able to buy/sell bitcoins thereafter.
Why was Bitcoin banned 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.
Public Opinion: A lot has changed in terms of perception and in terms of where digital currencies are. Digital currencies are here and have set a solid foothold in the world economy. Its acceptance has accelerated, governments around the world are realizing its importance and its value. One thing is for sure, digital currencies will do more good to the people of the country than harm. Hope that the government will soon realize its endless possibilities and formulate regulations that support innovation and growth.