Nepal Rastra Bank Issues Notice On Bitcoin Trading Within Country

The Nepal Rastra Bank (NRB) has issued a warning to all parties involved not to conduct cryptocurrency transactions in the nation.


The central bank issued a caution letter on Thursday, stating that any cryptocurrency transaction is illegal.

“In recent days, it has been observed that the general people are being lured to carry out transactions, usage and mining of cryptocurrency. People can be tempted to be involved in such transactions just to get cheated,”—the NRB’s notice reads.

Cryptocurrency is a sort of digital currency that is decentralised and not controlled by a central authority. It comes in a variety of forms, including the well-known bitcoin.

It can be used to buy and sell items, as well as provide the owner with an asset value.

Cryptocurrency has attracted the attention of a significant number of investors from all over the world as a result of several recent incidents of excessive financial gains in its transactions.

A tweet shows the notice directly from the Central bank of Nepal i.e Nepal Rastra Bank about the illegal trading of cryptocurrency and reprimanded the use of it. The notice is in Nepalese.

The Nepalese government, on the other hand, has yet to grant it legitimacy. In its public notice, the central bank also cautioned that anybody found participating in cryptocurrency transactions could face legal prosecution under the Foreign Exchange Regulation Act 2019.

It has advised all parties involved to refrain from engaging in illicit actions and has stated that anyone who do so will face severe consequences under the law.

TWITTERATIS TROLLED NAPALESE GOVT.

When it’s about acceptance or rejection, twitter users never miss a chance to throw their opinions.

A twitter user sarcastically trolled nepalese government by tweeting that “Bitcoin payments are non-traceable”.

Another user says that “History will remember this stupid move by nepal” after the news got widespread.

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