Mining and trading of cryptocurrencies are illegal in Nepal, the country’s central bank has reminded citizens of the Himalayan nation. The regulator also warned that participating in such activities would entail penalties as per the current legislation. Despite its position, however, the Nepalese have continued to invest in bitcoin, media reports reveal.

Engaging in Illegal Crypto Activities is Punishable by Law, Nepal Rastra Bank Says in Notice

Cryptocurrency trading and mining are punishable as they are illegal in the country, the Nepal Rastra Bank (NRB) remarked in а recently published warning titled “Cryptocurrency transactions are illegal.”

In the notice, which appeared on the central bank’s website on Thursday, the financial regulator refers to Nepal’s Foreign Exchange Act which was adopted in 2019. Quoted by the online news outlet Khabarhub, the NRB stated:

Cryptocurrency trading and mining and encouraging the illegal activities is punishable as per existing laws.

“Likewise, those swindling people…

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