Instead of getting influenced by the political ideology fit for the 18th century, Nepal should legalize crypto, come up with innovation-friendly crypto policies/ laws, and create a special digital economic zone for Bitcoin and other blockchain innovations to create business and employment opportunities in the country. Nepal cannot ban cryptos forever because the IMF has already called on financial regulators around the world to come together to develop a “global regulatory framework” for crypto assets.
Bitcoin is banned in many fascist countries even though it is a radical idea based on a sound economic theory. Many economists from the Austrian School had imagined money that is independent of the State long before Bitcoin came into existence.
Bitcoin is banned in Nepal because it is misunderstood. Maybe, it got more attention as a ticket to get rich quickly or even many confused it for a Ponzi scheme where innocent investors lose their life savings. Bitcoin, however, is based on a sound economic theory and can teach us a thing or two about organizing civilization for the digital age.
Bitcoin is indeed getting more than required attention as a currency or as a ticket to getting rich quickly, but at its core, it is a disruptive idea that has catalyzed a renaissance of thinking, creativity, science, art, exploration, and philosophy to name a few. More importantly, Bitcoin is an open-source, open standard, open network, and above all, an answer to the tragedy of the commons.
The fact that politically unaffiliated dynamic young candidates like Balen Shah and Harkaraj Sampang Rai were elected as the mayors of two big cities of Nepal shows a new local political movement has arrived in Nepal as well. This type of political movement is known as Flatpack Democracy - a small-scale revolution that is bringing real change to local politics. Citizens are reclaiming their respective cities from political parties.
Nepal Rastra Bank recently released a directive banning any investment in or transactions of cryptocurrency to curtail fraud and illegal outflow of domestic capital. This is a regressive move on the central bank’s part because banning cryptocurrency is like choosing to opt out of something that will inevitably become part of our daily lives.
KATHMANDU, Feb 2: At a time when the government of Nepal has criminalized any form of transaction of digital currency, the neighboring Indian government has announced to introduce taxes in the introduction and transaction of digital and cryptocurrencies inside the country.
LONDON, May 17: Bitcoin dropped to a three-month low on Monday as investors sold cryptocurrencies in the wake of Tesla boss Elon Musk's hinting over the weekend that the carmaker is considering or may have already sold some of its bitcoin holdings.
KATHMANDU, June 26: It has been revealed that government authorities have tried to exonerate Esewa – a digital wallet company – from the charge of carrying out the business of banned crypto currency ‘bitcoin’ in Nepal.
KATHMANDU, May 22: The Central Investigation Bureau (CIB) of Nepal Police has arrested a man on the charge of involvement in transacting illegal crypto-currency ‘bitcoin’ and swindling over Rs 3 million from various individuals.
NEW YORK, Oct 23: Bitcoin surged to a record high of more than $6,000 on Friday, pushing its market capitalization to $100 billion at one point, as investors continued to bet on an asset that has a limited supply and has paved the way for a whole slew of crypto-currencies.