Cryptocurrency, networking businesses illegal: NRB

FILE – An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong on February 17, 2022. Photo: AP via RSS

KATHMANDU: Nepal Rastra Bank has issued a notice reminding citizens that businesses of Virtual Currency, Bitcoin, cryptocurrency and pyramid-based network marketing are illegal.

Virtual currency is not given legal recognition in Nepal. So, people can be defrauded by such virtual currency and networking. According to the central bank, risks of money laundering, fraud and tax evasion, investment insecurity, capital flight, price instability and fluctuations, and betting among other illegal activities are inherent in the businesses of virtual currency/cryptocurrency (including Stablecoins) and pyramid-based network marketing and Hyper Fund.

All citizens and foreign nationals living in Nepal, firms, companies, institutions in Nepal and citizens residing outside Nepal and registered in Nepal, and agencies of such companies or institutions are instructed not to use any type of virtual currency/cryptocurrency and networking. If found involved in the transactions and use, membership, investment, transfer, remittance, exchange,  and mining-related activities, all those concerned will be punished as per law.


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