Bitcoin illegal in Nepal - page 9. | Bitcointalksearch.org

NavI_027

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Quote from: rajuahmed330 on October 08, 2017, 09:09:05 PM

National Bank of Nepal Deems Bitcoin Exchange Operations “Illegal,” While the CIB Police Force Arrest Seven Exchange Operators

Source :- https://news.bitcoin.com/bitcoin-illegal-in-nepal-police-arrest-seven-individuals-for-trading-operations/

This was a very sad news not only for the countrymen of Nepal but also to us because there are people who pulling down bitcoin again. Nepalese also have the right to earn money, if the way they found is through the use of bitcoins then there's nothing wrong with that because that's a decent job.

And for those seven exchange operators, I think that it's unjustifiable for them to get arrested, they should be warned first.

muncuss

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Quote from: Kakmakr on October 09, 2017, 01:23:13 AM

The Communist Party of Nepal (Unified Marxist–Leninist) is the leading party in the government coalition, but it is not seen as a communist state, because it allows for multiple parties. < multi-party system > The finance minister in Nepal, Gyanendra Bahadur Karki, seems to be from the old school Fiat supporter groups and things like Crypto currencies are deemed to be a threat.

They are missing out of a world of opportunities and additional tax income and they will just stay behind of new technologies, like the other third world countries. This is their loss, not ours. ^smile^

operator arrested, they did too far. I know crypto maybe threat to fiat but don't arrest the people unless they scammed other.
Agree with you, they will missing the opportunities
Edit: My country here just regulating about e-money, company who has service in e-money get frozen until the regulation is fixed. only that, no operator-arrest.
maybe nepali exchanger don't know yet, or just forget. At least give them first and second warning before arrest the operator

stompix

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MISLEADING TITLE:

From the article:

Quote

The communist government of Nepal is not very friendly towards cryptocurrencies just yet, because Nepalese officials are in the midst of discussing regulatory guidelines. On October 6, 2017, a task-force from the CIB arrested seven suspects allegedly involved with running “bitcoin exchange” operations. The CIB explains that the operators violated the order of the National Bank of Nepal that stated until regulations are conceived bitcoin, and other cryptocurrency exchange businesses are “illegal.”

Or in short, running an unlicensed exchange got them arrested.
Not holding bitcoin, not using bitcoin but operating an unlicensed exchange.

This will get you arrested even in Japan or Canada.

PX-Z

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Quote from: Konthol Ngaceng on October 09, 2017, 09:48:29 AM

I think it will not be too problematic, in fact the largest bitcoin users that china has banned bitcoin but bitcoin prices continue to rise so we do not need to panic excessive.

Well, only china is banned I mean only the country but the people from that specific country will still use bitcoin even tue government bans the bitcoin.
Only it will be hard to hide from shitty gorvernment people because once you get caught then you will be like what the news said on the article mentioned of OP.

LydiaBob

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So China, Korea (ICOs), and now Nepal. Should we be worried?

Konthol Ngaceng

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I think it will not be too problematic, in fact the largest bitcoin users that china has banned bitcoin but bitcoin prices continue to rise so we do not need to panic excessive.

ABCbits

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It's not unusual to see government make bitcoin illegal/banned to make sure their economy stay strong, but since there's no info why those 7 bitcoin arrested and bitcoin still discussed, maybe Bitcoin won't be illegal in Nepal.

yishak

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I'm sorry for you OP if you are in Nepal . This is certainly bad news for bitcoin. When Satoshi Nakamoto created bitcoin his intention was to replace the current stupid payment system, to have one global decentralized currency which any person can use regardless of their location, race , age , gender ...etc but yet countries like Nepal are arresting bitcoin exchange operators I say this is going too far something must be done about this!

brickafterbrickwalldpt

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They'll eventually regret this decision, as bitcoin is evolving and ever expanding as a source of income and wealth. I feel bad for the Nepalese part of the bitcoin community, but unfortunately that's the path their government opted to take.

nelmari

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Oh wow, I never expected this. This is bad news for bitcoin and very bad review for the exchanges that are operating in their country. I wouldn't know what to do if bitcoin would be banned in my country. Sad

MostHigh

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As much as we it is a big worry to see countries arresting bitcoin users i understand leadrship in these regards and because there are a lot of users who are abusing bitcoin in various countries where there are no clear cut regulation. Bit coin exchange entities in unregulated markets are making their own sells and purchase mark and it gets really difficult for traders. I believe if government can look it some of these are enact regulations then things will be easy

sebasman2

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That's bizarre, I wouldn't know what to do if BTC was banned in my country. I find it awful that countries can "Ban" certain things like that. It's so stupid, people should decide themselves whats good and bad for them.

Pursuer

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this news sounds more like "illegal bitcoin exchanges" than "illegal bitcoin" to me. and from what they have done about the people exchanging bitcoin illegally I can say my guess is true. although I am always skeptical of what I read on these so called bitcoin news websites. they usually don't care about their sources and it might just be a simple incident than a real thing! and it often is.

and the articles mention the arrest of exchange operators, so maybe they were doing something illegal like money laundering!

arlinxoha

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Very sad news.This is bad news for Nepal. It's
There is no good news for Nepal. It will not be good for Nepal. A country can be much better by bitcoin. So its popularity is increasing day by day. I do not know why Nepal is making Bitcoin illegal. But I am sure the Nepal government will compromise after a few days and again they will use Bitcoin.

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Quote from: rajuahmed330 on October 08, 2017, 09:09:05 PM

National Bank of Nepal Deems Bitcoin Exchange Operations “Illegal,” While the CIB Police Force Arrest Seven Exchange Operators

Source :- https://news.bitcoin.com/bitcoin-illegal-in-nepal-police-arrest-seven-individuals-for-trading-operations/

Are you kidding Shocked

I never expected this kind of action by Nepal police on Bitcoin exchange operators. Anyways this kind of action is not a good sign for Bitcoin Transaction in that country and also to the neighbouring countries also. As this wont affect the bitcoin prices but yes People will not take part in Bitcoin trading and Bitcoin activities as fear of getting caught by Police. Already there is lack of awareness in people regarding bitcoin and this type of actions will misguide the people in many ways.

aoluain

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the OP did not include an important bit of information
from the first paragraph of the article Roll Eyes

here you all go >

This week seven individuals were arrested for running illegal
bitcoin exchange operations in Nepal. According to Nepal’s
Central Investigation Bureau (CIB), the suspects were
trading bitcoins without authorization

Now there are a few KEY WORDS which will have to be noted here
because it seems a lot of people have not read the article....

ILLEGAL

WITHOUT AUTHOLIZATION

so I would take it that there are legal bitcoin exchanges and all
in all this article isnt even worth reporting on.

move along, nothing to see here

Roll Eyes

1Referee

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Quote from: Maria_Martin on October 09, 2017, 04:54:10 AM

I do not think that the bitcoin's ban in Nepal will affect bitcoin itself. I think that only Nepalese can regret it.

Of course it won't affect Bitcoin. It may sound harsh, but Nepal is an utter insignificant country that will never be able to contribute to anything crypto related - no one in the western world will lose a second of sleep over this non news. Such actions point out the weakness of the government there, and directly also that there is a whole lot of corruption going on, which they at all cost want to keep thriving. If people there want to buy themselves into Bitcoin or whatever other crypto currency, there will always be a sufficient way for them to do so (think about the peer to peer market) - not even an entire crypto ban can stop this.

SMSabuj

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It's really very sad news. But don't worry. Because nobody can't stop Bitcoin. Bitcoin getting more popularity day by day. Bitcoin being legalized different day by day. And I hope one day Nepal will do legal Bitcoin in their country.

Semar Mesem

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I am saddened by the increasing number of news that the bitcoin banned state and the latest today is the nepal that follows China. But I do not see the impact of bitcoin drop prices because today it's actually priced up rather than last week.

btcprospecter

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This is a shame another country has banned bitcoin. With the size of Nepal it should not have any affect on bitcoin as a whole. We can only hope governments to see the potential that bitcoin has.

Topic: Bitcoin illegal in Nepal - page 9. (Read 1836 times)