Nepal Bankers Association says crypto, virtual currency and network marketing are illegal in Nepal – The Himalayan Times – Nepal’s No.1 English Daily Newspaper

Kathmandu, January 26

The Nepal Bankers Association, the umbrella organization for commercial banks, has declared that crypto, virtual currency and network marketing activities and transactions are illegal in Nepal.

The Association, through a notice today, urged people not to get involved in the transaction related to virtual currency and networking as these were illegal in Nepal.

He warned against taking any action, in accordance with the laws in force, against any person or institution involved in such activities.

“In the context where crypto/virtual currency is not recognized in Nepal as currency or foreign currency, action would be taken in accordance with applicable laws if Nepalese citizens and foreigners living in Nepal and Nepalese residing in countries foreigners found themselves involved in such activities and transactions, as carrying out transactions related to illegal financial tools, including crypto/virtual and network marketing, leads to defrauding of the general public and flight of domestic capital as the money comes out through illegal means,” the Association said.

The Nepal Rastra Bank (NRB), the country’s central bank, had also warned on January 23 against measures against those involved in virtual currency transactions and networking.

It is said that cryptocurrency transactions and illegal networking transactions like Networking Hyper Fund, Jocial, Crowd1, SolMax Global, etc. have taken place in Nepal in recent days.

The Department of Revenue Investigation on Tuesday filed a complaint against four people, including three members of the same family, for their involvement in these illegal transactions. She claimed more than Rs 370 million from them.