NRB issues caution notice against dealers of cryptocurrencies

Published On: September 9, 2021 07:24 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, September 9: Nepal Rastra Bank (NRB) has warned all concerned not to carry out transactions of the cryptocurrency in the country.

Issuing a caution notice on Thursday, the central bank has termed any sort of transaction of cryptocurrency unlawful. “In recent days, it has been observed that the general people are being lured to carry out transactions, usage and mining of cryptocurrency. People can be tempted to be involved in such transactions just to get cheated,” reads the NRB’s notice.

Cryptocurrency is a type of digital currency which is not under control of any central authority. It comes in many variants, the popular bitcoin being one of them. It can be used to buy/sell goods and also provides the owner an asset value.

Due to some recent cases of excess capital gains in its transactions, cryptocurrency has been drawing the attention of a large number of investors from across the globe. However, it has not received legitimacy so far from the Government of Nepal.

The central bank in its public notice has also warned that those who will be found involved in transactions of the cryptocurrency will face legal actions under the Foreign Exchange Regulation Act 2019.  


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