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National Bank of Nepal Deems Bitcoin Exchange Operations “Illegal,” While the CIB Police Force Arrest Seven Exchange Operators

The communist government of Nepal is not very friendly towards cryptocurrencies just yet, because Nepalese officials are in the midst of discussing regulatory guidelines. On October 6, 2017, a task-force from the CIB arrested seven suspects allegedly involved with running “bitcoin exchange” operations. The CIB explains that the operators violated the order of the National Bank of Nepal that stated until regulations are conceived bitcoin, and other cryptocurrency exchange businesses are “illegal.”

The CIB’s statement details that the suspects lived in the Kathmandu and Chitwan region. DSP Jeevan Kumar Shrestha has told the local press that this is the first incident the bureau has dealt with concerning illegal bitcoin transmissions. “[The suspects] have been kept in police custody,” details Shrestha. “The traded amount will be discovered after further investigation.” However, the DSP did detail the charged suspects are facing fines and a jail-term of roughly three years.