Cryptocurrency In Nepal – Cryptocurrency is a digital currency designed to work as a medium of exchange through a computer network, which is not controlled by a central authority (i.e. Government or Banks). Some of the common cryptocurrency includes Bitcoin, Solana, Litecoin, Ethereum, Dogecoin, Tether, and so on. As per the crypto news, Cryptocurrency is legally recognized in 111 states. With this let’s see the condition and legal policies regarding cryptocurrency and FAQ’s regarding crptos in Nepal.
Is Cryptocurrency Legal In Nepal?
No, Cryptocurrency is not legal in Nepal. Moreover, Nepal Rastra Bank, the central bank of Nepal issued a directive banning cryptocurrency and warning Nepalese citizens not to involve in buying or investing in cryptocurrency. Not only that NRB directives forbid non-nationals living in Nepal from transactions in cryptocurrencies.
Is cryptocurrency allowed in Nepal?
Cryptocurrency is not allowed to trade in Nepal as it is illegal. According to NRB “
नेपालमा Bitcoin लगायतका Cryptocurrency हरुको कारोबार गर्न पाइन्छ/पाइदैन ?
नेपालमा Bitcoin लगायतका Cryptocurrency हरुको कारोबार गर्न पाइँदैन । यस्तो कारोबार गर्नु कानुनतः अवैध हो ।”
Can I buy bitcoin in Nepal?
No, you can’t buy bitcoin in Nepal, as it is a cryptocurrency, which is banned in Nepal by the central bank of Nepal. However, people illegally use various sources to buy and sell bitcoin in Nepal. Recently a family in Nepal was caught with Rs376 million in illegal cryptocurrency. According to the source the accused was arrested and sentenced to three years imprisonment.
Why crypto trading is illegal in Nepal?
As Nepal Ratra Bank statements say that the cryptocurrency has increased the risk of fraud and illegal outflow of domestic capital. Hence crypto trading is illegal in Nepal.
Is Pi cryptocurrency legal in Nepal?
No, all cryptocurrency including Pi is illegal in Nepal.
Is there Bitcoin ATM in Nepal?
No, there are no Bitcoin ATMs in Nepal to buy bitcoin as the central bank of Nepal has banned Cryptocurrency in Nepal.
Is mining legal in Nepal?
Any sort of mining and cryptocurrency trading is illegal in Nepal according to Foreign Exchange Regulation Act 2019.
Can I buy Dogecoin from Nepal?
Buying of dogecoin is punishable by the law of Nepal. However there are several rackets reunning illegally and providing such services in Nepal.
Can Binance be used in Nepal?
As per binance, they have added support for the Nepalese Rupee on the Binance Peer-to-Peer trading platforms. Allowing Nepalese to trade NPR in exchange of cryptocurrency with zero trasaction fees. Though you can use Binance from Nepal, NRB has banned cyrptocurrency hence opening Binance account is of no use.
Punishment for cryptocurrency in Nepal
Punishment regarding cryptocurrency is still under wraps as in most of the case the imprisonment period of the accused was undercover. But there was a case of Dinesh Khadka in which a case was filed against him by central bank in Kathmandu district Court against the amount of Rs376.4 million. Moreover he was sentenced to three years imprisonment as mentioned in Nepal News.