7 People arrested for Bitcoin Trading - page 2.

chaoscoinz

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Quote from: Nalbo on October 06, 2017, 10:34:47 AM

It's the latest in development from the country of Nepal which started nabbing bitcoin traders for fraud. Can be sentenced to upto 3 years in prison.

http://kathmandupost.ekantipur.com/news/2017-10-06/7-nabbed-for-running-bitcoin-exchange-business.html

First case of bitcoin related arrest in the country.

You may need a money transmitter license in Nepal, I'm not too sure of that countries laws and regulations regarding financial transactions.
If you use local Bitcoin here within the U.S, you risk being caught by law enforcement because in order to act as a converter of fiat you need a money transmission license, not only in the state where you transmit your transactions but a license in the other states you might trade with if I'm not mistaken.

haiyendy

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What they did is to send a message to the outside world in other to make them panic but like I said, it will only slow it down and not stop it.

onrise

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Quote from: Sithara007 on December 24, 2017, 02:59:01 AM

Quote from: Nalbo on October 06, 2017, 10:34:47 AM

It's the latest in development from the country of Nepal which started nabbing bitcoin traders for fraud. Can be sentenced to upto 3 years in prison.

http://kathmandupost.ekantipur.com/news/2017-10-06/7-nabbed-for-running-bitcoin-exchange-business.html

First case of bitcoin related arrest in the country.

I was born in Nepal and I am happy that I emigrated from that country for my studies when I was young. These idiots will never understand the fact that Bitcoins can't be banned. If Bitcoin is banned in Nepal, then the users will simply travel to India in order to conduct Bitcoin trading (Nepalis don't need visa to enter India and Indian Rupee is widely accepted in Nepal).

Well that could be possible only if India make the Btc legal and start accepting it . Currently their is no clear indication if govt will give the green signal in India for cypto currencies . Though it's moving in positive direction till now but final decision is Yet to be laid out .

In other hand Nepal has their own law and which people will now have to follow it .

Koadharber

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Quote from: Harlot on December 24, 2017, 03:03:17 AM

Quote from: Sithara007 on December 24, 2017, 02:59:01 AM

Quote from: Nalbo on October 06, 2017, 10:34:47 AM

It's the latest in development from the country of Nepal which started nabbing bitcoin traders for fraud. Can be sentenced to upto 3 years in prison.

http://kathmandupost.ekantipur.com/news/2017-10-06/7-nabbed-for-running-bitcoin-exchange-business.html

First case of bitcoin related arrest in the country.

I was born in Nepal and I am happy that I emigrated from that country for my studies when I was young. These idiots will never understand the fact that Bitcoins can't be banned. If Bitcoin is banned in Nepal, then the users will simply travel to India in order to conduct Bitcoin trading (Nepalis don't need visa to enter India and Indian Rupee is widely accepted in Nepal).

That is one way to be legally trading Cryptocurrencies but I don't think it is efficient to do so, I mean cryptocurrencies are volatile which means you must be actively trading it going in and out of the country just to trade does not look favorable for you not unless you are earning considerable amounts of money for your account. And I don't think you have understand the news right the people who got arrested for Cryptocurrency Trading are running its exchange operation illegally without any business permit.

It really a good option to migrate but would really have lots of things to be considered first before you would able to do such thing and as being said you should really have a justfiable amount of profits that would really be worth it for your immigration in other country for the sake of getting freed from laws that you dont like when it comes to bitcoin or crypto trading.This is just an another case since as being said link doesnt mention about that but for those people who do have exchange which really violates countries laws.

Harlot

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Quote from: Sithara007 on December 24, 2017, 02:59:01 AM

Quote from: Nalbo on October 06, 2017, 10:34:47 AM

It's the latest in development from the country of Nepal which started nabbing bitcoin traders for fraud. Can be sentenced to upto 3 years in prison.

http://kathmandupost.ekantipur.com/news/2017-10-06/7-nabbed-for-running-bitcoin-exchange-business.html

First case of bitcoin related arrest in the country.

I was born in Nepal and I am happy that I emigrated from that country for my studies when I was young. These idiots will never understand the fact that Bitcoins can't be banned. If Bitcoin is banned in Nepal, then the users will simply travel to India in order to conduct Bitcoin trading (Nepalis don't need visa to enter India and Indian Rupee is widely accepted in Nepal).

That is one way to be legally trading Cryptocurrencies but I don't think it is efficient to do so, I mean cryptocurrencies are volatile which means you must be actively trading it going in and out of the country just to trade does not look favorable for you not unless you are earning considerable amounts of money for your account. And I don't think you have understand the news right the people who got arrested for Cryptocurrency Trading are running its exchange operation illegally without any business permit.

Sithara007

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Quote from: Nalbo on October 06, 2017, 10:34:47 AM

It's the latest in development from the country of Nepal which started nabbing bitcoin traders for fraud. Can be sentenced to upto 3 years in prison.

http://kathmandupost.ekantipur.com/news/2017-10-06/7-nabbed-for-running-bitcoin-exchange-business.html

First case of bitcoin related arrest in the country.

I was born in Nepal and I am happy that I emigrated from that country for my studies when I was young. These idiots will never understand the fact that Bitcoins can't be banned. If Bitcoin is banned in Nepal, then the users will simply travel to India in order to conduct Bitcoin trading (Nepalis don't need visa to enter India and Indian Rupee is widely accepted in Nepal).

aeternus

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Quote from: Nalbo on October 06, 2017, 10:34:47 AM

It's the latest in development from the country of Nepal which started nabbing bitcoin traders for fraud. Can be sentenced to upto 3 years in prison.

http://kathmandupost.ekantipur.com/news/2017-10-06/7-nabbed-for-running-bitcoin-exchange-business.html

First case of bitcoin related arrest in the country.

The law is the law, we may like the idea of bitcoin being legal worldwide but if bitcoin is forbidden in your country and you still want to hold then you need to remain hidden these people did not do it and now are facing the consequences and are going to need to pay for their crimes, it is sad but they were playing with fire and now are going to get burned.

inklingzade

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BTC and fraud go well together, people is what stops the coin growth at a worldwide scale

Granxis

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Quote from: Rooster101 on December 17, 2017, 09:18:07 PM

Nepal is one of the several countries that sees bitcoin or any cryptocurrencies as a threat to their national security or financial system and would not allow any virtual currencies that they can't be controlled. Or maybe they having a hard time creating a regulatory framework and opted to ban the bitcoin instead.

In Nepal, Bangladesh, Kyrgyzstan and Indonesia, the use of crypto money and the stock market are forbidden. These countries are not economically and socially strong countries. A strong economy is needed to take such a ban.

MoneyMotivatesMe

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Quote from: Enjorlas on December 17, 2017, 11:01:02 PM

Misleading title, they are not arrested because they traded bitcoin but because they tried to scam someone

OP must not have known the difference of trading and scamming.

Enjorlas

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Misleading title, they are not arrested because they traded bitcoin but because they tried to scam someone

Rooster101

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Nepal is one of the several countries that sees bitcoin or any cryptocurrencies as a threat to their national security or financial system and would not allow any virtual currencies that they can't be controlled. Or maybe they having a hard time creating a regulatory framework and opted to ban the bitcoin instead.

carlfebz2

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Quote from: Kingofbitcoin12345 on December 03, 2017, 02:56:58 PM

They will be punished because in reality they do deserve it.. We can give any reason not to condemn illegal act as it is in the first place.. If we as a bitcoin users and businessmen doesn’t follow the law then we all be in prison for it.. Nepal is just implementing the law and we can’t do anything about they’re decision about banning bitcoin because that is what they feel is right.. Those arrested should go to other country that bitcoin is legal before starting..

I don't know if they do legally or illegally make trades for which they are being arrested.If its just a simple and plain trading up then I would say they don't really deserve it since they might not know that their country is already prohibiting the use and trading off bitcoin but if does then they are unlucky that they are being caught by the government which do really suck if I was on their position.This is why we should really be keen and observant on such changes of laws on our vicinity.

Felix1

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Crypto-Currencie like Bitcoin is treated as threat by many Banking institutions. Most countries like to maintain control over financial and banking system of the country. Bitcoin does the opposite.Many countries including Bangladesh banned bitcoin after 2014 Scandal with strict jail term. But as with other laws, it’s difficult to implement in countries.

miracle_07

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it so very interested to earn money..

Oo ako to

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Bitcoin owner should always be aware about the jurisdiction of their government about using bitcoin. I must say that this news is too much for those who are arrested because maybe their government was only thinking about that it's used for money laundering and illegal drug trade.

ralf2018

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Crypto-Currency like Bitcoini is treated as threat by many Banking institutions. So most countries like to maintain control over financial and banking system of the country. Bitcoin does the opposite.

Happy Miner

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Nepal is a poor country torn from civilization. I did not even think there was an Internet there. Perhaps the government of Nepal prohibits cryptocurrency for religious reasons.

freaker

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If your country does not allow you to use Bitcoin, then one should not invest or make an transaction because the result will be harmful. As seen in this example, users who tried to use Bitcoin were arrested. So, ask your government to make it legalize or else forget about it.

treather

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Sad. seeing this for the first time. I hope they get out with the minimum fine. Trading should not be classed as a criminal activity, and i believe that with time, the Nepalese government will see sense and change their idiotic policies towards crypto currencies.

Topic: 7 People arrested for Bitcoin Trading - page 2. (Read 3106 times)