The trade of crypto-currencies are still not allowed in Nepal

Last week, seven people have been arrested for having traded illegally Bitcoins in Nepal. According to the central Bureau of investigations of the country, the suspects would have marketed bitcoins without permission. Jeevan Kumar Shrestha, deputy chief of police, stated that this is one of the first arrests in a case linked to trade crypto-currencies.

In Nepal, the exchange of crypto-currencies are still illegal. The nepalese government does not agree to the use of these virtual currency. Currently, the authorities are studying the establishment of a regulatory framework.

A regulatory framework to legalize the trade of crypto-currencies

The central bureau of investigations explained that these users have violated the law. He said that the business of exchange of crypto-currencies operate illegally by offering such services. Without regulation, the companies offering this kind of services will be the subject of a lawsuit. The suspects involved in this case live in Chitwan and Kathmandu, stressed the police.

Jeevan Kumar Shrestha told the local press that this is the first time that the bureau investigation on a matter related to trade in Bitcoins. The amount of the transaction has not yet been mentioned up to now.

Bitsewa a stop to his activities has recently published a report about the intention of the nepalese government to develop regulations around crypto-currencies such as Bitcoin. The leaders of the country have already looked into the subject in recent years. As in other countries, such as Russia, the position of the government of nepal is not clear.

Because of the illegality of these crypto-currencies, the State has decided to close down the businesses operating in this sector. Recently, Bitsewa, a company specialized in the trade of digital currencies has halted all of its operations. The central bank of Nepal has declared that the Bitcoin is illegal in this country and that stringent measures will be taken in the event of non-compliance of this law.

Source : News.Bitcoin