This week seven individuals were arrested for running illegal bitcoin exchange operations in Nepal. According to Nepal’s Central Investigation Bureau (CIB), the suspects were trading bitcoins without authorization and the agency’s Deputy Superintendent of Police (DSP), Jeevan Kumar Shrestha says this is one of the first cryptocurrency arrests of this magnitude.
Why Bitcoin is Illegal in Nepal?
Central Bank of Nepal does not permit untraceable 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.
Nepal’s First Bitcoin Exchange Closed
Bitsewa was a Nepal’s first Bitcoin company that allows people to do transactions. After the law passed on Bitcoin, Bitsewa was also closed.