Nepal’s Central Bank says Crypto Trading, Mining Are Illegal and Punishable
The Central Bank of Nepal warned their citizens over Crypto mining, trading and described crypto related activities as a punishable offence.
As the government of Nepal has adopted Nepal’s Foreign Exchange Act in 2019. And under this law, crypto related activities are violation of rules. So by taking the reference of this law, the Central bank of Nepal published a crypto related warning for Napal’s citizens.
“Cryptocurrency trading and mining and encouraging the illegal activities is punishable as per existing laws”
The new warning of the Central Bank of Nepal targeted those people who earlier made significant profit from crypto Investment and now they are influencing other Nepali citizens to get involved in the crypto.
In the FaQ line, it is clearly mentioned that citizens can’t trade crypto assets and doing such business is illegal.
But a local media news report of Nepali Trend claimed that there are still many people in Nepal, who are doing crypto Investment despite the ban on crypto trade or mining activities.
Most of the people of Nepal’s citizens are taking help of their relatives who are living outside of Nepal.
Reports also claimed that, Nepal government is lagging behind in technology and advancement, so they are not able to track such kinds of activities. And also said that the government of Nepal should change their stances on crypto because of the potential of crypto.
Read also: IT worker to face 15 Years in Jail for Mining Bitcoin in the Office
