Nepal central bank urges people again to stay away from cryptocurrency transactions

no crypto currency

Kathmandu, February 9

Nepal’s central bank, Nepal Rastra Bank (NRB), has urged the public to remain cautious about cryptocurrency and networking transactions since it was an illegal act.

Issuing a public statement on Tuesday against the backdrop of increasing incidences of network marketing and cryptocurrency transactions, the central bank has said such transactions and activities in Nepal were not only harmful to the country’s economy but also to the investors.

The central bank has also urged one and all to remain cautious stating that the nature of cryptocurrency and network marketing is not subject to regulation. Hence, the NRB has mentioned that there remains a high risk for investment in money laundering and terrorist activities from the transaction of cryptocurrency and network marketing.

The use of cryptocurrency could lead to illegal activities, especially forgery and tax evasion whereas network marketing is also an illegal economic act leading to a negative impact on revenue collection, the central bank stated.