Nepal Continues her Brutal Bitcoin Crack Down by Recently Putting Two Bitcoin Miners Behind Bars
Nov 10, 2017 Posted / 1798 Views
Nepal is acting up against major names breaking the ground of innovation on the FinTech Front. With names like Ram Dhakal and Purusottam Dhar Tuladhar smeared all over the internet as Bitcoin criminals being hunted by secure agencies for their role in promoting Bitcoin activities, Nepal seems to be following a different paths as per technological development in the FinTech fronts. Meanwhile two men have so far been arrested for running a Bitcoin Platform named Bitsewa. The central Investigation Bureau of the Nepal's police department says it arrested the Two men for allegedly running a cryptocurrency racket with the name Bitsewa Pvt Ltd. Bitsewa's website was put down although it's Facebook page still remains open although a thorough analysis of the page does not seem to find any criminal activities taking place on the platform.
The Nepalese authorities claim the company registered in the names of Bitsewa Pvt Ltd on the pretext of doing business of online technology, information dissemination and software development.
Facebook pages is a marketing platform many companies adopts to see their products advised cheaply. Sadly the authorities in Nepal seems not to be understanding this modern day marketing and outreach strategy. Bitsewa was accused of using it's Facebook page to lure users into the platform. The police claim that the two men were arrested for violating the central's Bank Act of Nepal enacted in the year 2002 and updated in 2006. However a quick look at the said act has no mention of Bitcoin or any cryptocurrency in the whole of it's 49 pages making it unclear the true motives behind the arrest of the two men. The central Bank of Nepal put a ban of Bitcoin and gravity coins in the country earlier giving the police a stance for making Bitsewa a criminal organization.
Techlekh‘s Abhishek Gupta said
“Bitcoin is still seen as an economic threat in many countries although it is doing well in some countries. Many of these countries seeing Bitcoin as a threat fear that Bitcoin can be used as a tool for racketeering money laundering crimes across the country”
Meanwhile currently Bitcoin is now illegal in Nepal with numerous cases of police arresting individuals for trading Bitcoin in the country, Bitcoin just got the illegal status after the National Bank of Nepal Declared all Bitcoin operations in the country illegal. How ever the Nepalese officials are discussing a possible cryptocurrency regulatory guideline that might see Bitcoin activities restored back to operate under the Guideline. Data from recent arrest of people trading Bitcoin shows that Kathmandu and Chitwan region leads in the number of Bitcoin operations. The issue of legality made the countries most prominent Bitcoin trading platform Bitsewa to close it's operations in the country. An earlier announcement made by Bitsewa stated that;
“Nepal Rastra Bank has declared Bitcoin illegal here in Nepal and has taken drastic measures against Bitcoin operations. It was a hard combined effort withing the Business community to bring this great technology to Nepal, but it is sad that our own government is showing a very opposite intention indicating that it doesnt want these piece of technology in the hands of Nepalese Citizens”
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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