Nepal police arrested at least seven people allegedly involved in virtual currency trading activities in the country in early October 2017. Arrests were made despite the country’s lack of regulations covering cryptocurrency trading.
According to local media reports, suspected traders were arrested by members of the Central Bureau of Investigation (CBS) in Kathmandu and Chitwan.. Among those arrested are Prashant Pratap Shah from Kathmandu, Bida Dhakal from Nuwakot, and Mingmar Tamang from Sindhupalchok. the first time he was arrested.
Police Ban
The arrests made by the Central Bureau of Investigation seem to cause more questions than solutions to the problem, because the trading of Bitcoin and other cryptocurrencies in the country is not prohibited and there is no legal regulation in the country.
By the way. , Nepal government is preparing regulatory guidelines covering digital currency trading. Possible regulations to be implemented by the authorities include a complete ban on cryptocurrency trades.
Due to this possibility, digital currency exchange operator Bitsewa ceased operations in early October.. This platform was viewed as the Nepalese version of the LocalBitcoins platform.
Although digital currency trading activities are not huge in Nepal, any regulation against cryptocurrencies could set a dangerous precedent in this industry and hinder innovation in the industry.. Because of these developments, it will be very interesting to see how the virtual currency industry in the country will develop in the short term.
The country previously confiscated all charity funds from bank accounts, as everyone knows, to ensure that donations are not misused.