Eat Pray Nepal Blog: 2017

Friday, November 17, 2017

Bitcoin under pressure in Nepal

Bitcoin has been doing very well in the markets recently with prices reaching $7829 per Bitcoin. Also Bitcoin has the biggest market cap. It is the most dominant virtual currency so far. Only Ethereum has come close to challenging its position in the market. 

See the chart below for the latest price as of November 17, 2017.

However, using Bitcoin in Nepal is apparently illegal. Various media have reported Bitcoin sellers being arrested. The government can easily shutdown centralized hubs and exchanges. However Bitcoin was designed to be run decentralized. It will be interesting if users flock to others servics like localbitcoins or thru other decentralized services and trade Bitcoins.

"The national investigative agency of Nepal, operated by Nepal Police, has arrested the founders of bitcoin exchange Bitsewa in an ongoing crackdown in the country. The Nepal Police has arrested Ram Dhakal, 32, and Pursottam Dhar Tuladhar, 26, for “allegedly operating a bitcoin racket in Kathmandu and Pokhara under the cloak of an online technology business.”

The two bitcoiners are founders of Bitsewa Pvt Ltd., a cryptocurrency exchange that supports trading of multiple digital currencies and the provider of a bitcoin wallet service in the country. There are no laws nor regulations for bitcoin in Nepal and, as such, cryptocurrency-related exchange businesses are considered ‘illegal’, according to a notice [PDF] published by Nepal’s central bank."