7 People arrested for Bitcoin Trading - page 6.

lady Royal

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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.

They were running a Bitcoin exchange. I did not read the whole article but I can say that they don't have any legal notice or NOC for running that exchange that got them caught. Also, The government must be jealous that why they aren't paying anything to us so, Maybe that is why they are arrested.

Proton2233

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It is sad to realize that this is only the first signs that the government will never recognize in full bitcoins. Any claim for freedom will always be suppressed. Democratic countries will do it carefully. Authoritarian countries will do it openly to all citizens feared. Now people are not willing to fight for their freedom so we are an easy target for governments.

usorin

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Quote from: Fortify on October 07, 2017, 04:11:27 AM

It seems like many countries are struggling to keep up with the cryptocurrency trend and the authorities will go for the easy targets like exchange operators when they need to make arrests. It's always tricky in countries like Nepal, because you don't know if it was a genuine interest in protecting to public or the crackdown was generated by greedy and corruption,

It is sad that unnormal things happens in this world. Everybody try's to make a decent living in that part of the world and not only there but this caind of measures. I give my support for thouse guys and hope that everything will turn out ok in the end.

Fortify

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It seems like many countries are struggling to keep up with the cryptocurrency trend and the authorities will go for the easy targets like exchange operators when they need to make arrests. It's always tricky in countries like Nepal, because you don't know if it was a genuine interest in protecting to public or the crackdown was generated by greedy and corruption,

audaciousbeing

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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.

Having read the article stated, it seems the country has a stern regulation against bitcoin and this is something we are expecting to see, The people arrested are accused of running a bitcoin exchange site which is obviously against their laws there but I feel what they are doing is just to slow down the process because those seven arrested would surely not the only ones running an exchange in the whole of the country and also gave an opportunity to others to be secure in their dealings with the outside world.

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.

bakerlisa510

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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 think you are talking about the case of delhi in india??

GreenBits

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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.

This is more of the same, the sudden and all encompassing wave of regulation for crypto that seems to be sweeping the globe.

i have the feeling that these dudes werent committing fraud per se; i think that the government is considering cryptos in general "fraudulent", and these guys are criminally complicit by hosting an exchange. im too lazy to look up the actual letter of the law (i have a feeling its not in English Grin

) but I dont see how normal operation of an exchange (if they are observing whatever general financial/AML/KYC rules are in place) would get you arrested suddenly like this.

it seems that nowadays, if you are going to conduct a serious/legitimate crypto business, you would do best to consult the government in your locale first Wink

Kemarit

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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'm sorry but I can't open the link you posted. My initial reaction though is that Nepal is anti-bitcoin to begin with. Their Central Bank announced that trading bitcoin is illegal. So it not surprising that they have been cracking it down. But the victim from such announcement is the bitcoin community in Nepal. I know that there are few Nepalese in the forum so its evident that bitcoin is being enjoyed in there. Nepal should not take a hard line against bitcoin but at least regulate it so that they can still enjoy the benefits that bitcoin can give to its citizens.

jseverson

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Quote from: HashFace on October 06, 2017, 12:01:02 PM

They were doing more than just trading, they were running an exchange. Running an unlicensed exchange is risky business in any country.

But I find this sentence from the OP article to be most interesting:

"He further said that if found guilty the suspects will be punished under the prevalent laws of Rastra Bank."

Are finacial laws in Nepal set by the bankers?

It's not just that they were running an unlicensed exchange. Bitcoin trading is downright illegal in Nepal. It's sad, but these people are most likely going to be made an example of.

It kind of makes you wonder just how much power a government can have regarding cryptocurrencies. They can't monitor and stop every single transaction, but they can jail exchanges to make sure their currency isn't used to buy and sell Bitcoins. This problem can theoretically be averted by vendors accepting Bitcoins as payment, so there would be no need to convert, but it still sucks that some governments are too averse to new technologies.

HashFace

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They were doing more than just trading, they were running an exchange. Running an unlicensed exchange is risky business in any country.

But I find this sentence from the OP article to be most interesting:

"He further said that if found guilty the suspects will be punished under the prevalent laws of Rastra Bank."

Are finacial laws in Nepal set by the bankers?

Basmic

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Fraud must have a purpose to deceive people and take their money. In the case of trading bitcoins this is not. A person voluntarily buys a bitcoin, and has the ability to always exchange the coins for Fiat. Nepal does not apply to democratic countries therefore the courts will take the side of power. I feel sorry for these enthusiasts of the cryptocurrency but they are also responsible for the power which is in their country.

Nalbo

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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.

Topic: 7 People arrested for Bitcoin Trading - page 6. (Read 3111 times)