Nepal government doesn’t support dealing with the world’s most popular cryptocurrency, Bitcoins and can get business people arrested. While the use of Bitcoin has shot up prices in other parts of the globe, around a dozen of Bitcoin operators were put in jail by the government followed by arresting two other recently.
The Bitcoin operation being tremendously flourished in other parts of the world, in Nepal names like Ram Dhakal and Purusottam Dhar Tuladhar are convention circuit stars well known for their illegal Bitcoin operations. They are listed as Bitcoin criminals in Kathmandu, Pokhara and Nepal.
According to The Himalayan Times reports,
“The Central Investigation Bureau [(CIB)] of Nepal Police has arrested two persons for allegedly operating a Bitcoin racket under the cloak of online technology business. SP Jeevan Shrestha, CIB spokesperson, said [the two] were allegedly running [a] cryptocurrency racket under the name of Bitsewa Pvt Ltd”.
The Nepalese authorities stressed that, “They registered a company in the name of Bitsewa Pvt Ltd on the pretext of running business of online technology, information dissemination and software development. They had also opened www.bitsewa.com calling it ‘Bitsewa: Nepal’s First Bitcoin Company and Digital Assets Exchange’.”
The article also warns the operators to be lured, just as the two were luring people through the company’s Facebook Page. The article notes,” Though it is legal in some countries and over 1,100 cryptocurrencies are in practice, its trading is punishable under the Nepal Rastra Bank Act.”
According to the Nepal Rastra Bank Act, published in 2002 and updated in 2006, no statement about Bitcoin or cryptocurrencies has been mentioned and it’s unclear about what part of the law the personalities violated.
The article stresses on how the central bank has already imposed a ban on the transaction of Bitcoin and gravity coin in Nepal. Techlekh‘s Abhishek Gupta stated that, “Though Bitcoin is flourishing in some countries, it is still seen as an economic threat to many.” The threat appears to be how many “countries fear that since Bitcoin transactions are highly anonymous [and how] it can become a tool for criminals for germinating several crimes, especially money laundering.”
According to other articles, no money laundering was issued against both of them.