Is cryptocurrency legal in Nepal? In this new article, I will give you information about whether cryptocurrency is legal in Nepal. I found that I have researched many things about whether it was legally operated in Nepal or not. That's why today in this article I will inform you about whether cryptocurrency is legal in Nepal or not?
Cryptocurrency has not been operating in Nepal until recently. Even though it is not legally operational, we have managed to get information that it is being planned to operate.
What is Cryptocurrency ?
Cryptocurrency is a digital currency. Which is conducted online and does not require any physical form. We can see that it is now widely discussed all over the world. It has been implemented in big countries as well. After some time, the government is planning to start its operation in Nepal as well.
There are many reasons why there is no cryptocurrency in Nepal. The government of Nepal has not come to Nepal because it considers crypto currency as a risk.
Why didn't cryptocurrency come to Nepal?
Crypto currency is operated and bought and sold through the Internet, so the Nepal government did not bring it because it does not have any physical form. The main reason for not implementing it is its disadvantages.
Following are the main reasons for not introducing cryptocurrency in Nepal:
- Since cryptocurrency is new, it is highly prone to hacking
- cryptocurrency users' accounts can easily be hacked by another person
- the company operating the cryptocurrency may not be trustworthy, and may cause huge losses later on. Because they can steal.
- It is not operated in Nepal due to the poor security of crypto currency.
There are many other reasons why it should not be implemented in Nepal. You can visit the official website of Nepal Government to get information about it.
Bringing cryptocurrency to Nepal is there any benefit or not?
All over the world, people have managed to earn millions of money through cryptocurrency. Even in big countries like America and Australia, its operation has been done legally. The common citizens there have managed to earn crores of rupees daily through this. As a result, it also has a great impact on the economic development of the country. If cryptocurrency comes to Nepal we can get these kind of benefits.
Some advantages are as follows:
- Due to the advent of cryptocurrency, Nepali citizens can easily invest in the stock market and earn income by earning cryptocurrency.
- People can easily improve their standard of living as the value of cryptocurrency is increasing daily.
- With the advent of cryptocurrency, people will be able to earn by mining it.
- After the currency comes, Nepal's economic growth will also increase.
What are the disadvantages of crypto currency in Nepal?
Cryptocurrencies have not only advantages but also many disadvantages. Under which Nepal may incur a huge loss. People can easily hack these cryptocurrencies and cause huge losses as the internet security personnel of Nepal is quite fragile. And accounts of Nepalese citizens can also be hacked easily.
Some disadvantages are as follows:
- Users who use cryptocurrencies may experience a lack of security.
- Illegal actions can also be read by cryptocurrency because we cannot track the crypto currency.
- There is a high possibility that Nepali citizens can be cheated by scammers.
- As the value of cryptocurrency fluctuates daily, it is possible to incur huge losses.
- High possibility that there may be a problem with the technical security of the user.
Both the above have advantages and disadvantages if introducing cryptocurrency in Nepal, there are many problems as well as advantages. If Nepal's internet security is strengthened in the coming future, then I see a lot of benefits in bringing cryptocurrency to Nepal.
This allows people to profit by trading or mining the script currency. This leads to progress in one's own country. But since its risks are also very high, I think it is necessary for everyone to learn to use it.
Because people have been robbed a lot. It is very important that we first know about our own security. So there should be no problem later. That is why the government of Nepal has not legally operated cryptocurrency in Nepal.
It is written in the law of Nepal that if any Nepalese citizen is found to be buying and selling cryptocurrency, he will be prosecuted according to the law, so I would like to request or suggest you not to engage in any crypto currency activity until the government of Nepal legally operates cryptocurrency.
Which are the countries that earn the most through cryptocurrency?
The country with the highest cryptocurrency income in the world is the US state. In America, people are making very good income through crypto currency. Due to its operation in other countries, citizens of other countries have also been able to earn through crypto currency. Here in the table below you can see how much the US has earned through cryptocurrency.
The US state has managed to earn about 9.36 billion dollars in 2023. This is a very large amount. That's why earning so much income through cryptocurrency is a huge income. After that, the UK is in second place, we can see that it has managed to earn about 1.39 billion through cryptocurrency.
Then there is Vietnam. We can see that this country has managed to earn about 1.18 billion through cryptocurrency. Then china 1.15 billion earned by cryptocurrency in 2023.
Similarly, there are many other countries that you can see for yourself in this table. We know so far that ordinary citizens can earn very well if they operate cryptocurrency.
If crypto currency is introduced in Nepal, Nepali citizens will be able to carry out many jobs easily and it is very likely that they will be able to earn very well. In order to mine cryptocurrency, you have to invest, but there is no work, so it costs a lot.
For the current year, it may be better not to introduce crypto currency in Nepal. If the security of Nepal increases, and cryptocurrency succeeds in creating a reliable relationship, then bringing cryptocurrency to Nepal would be best.
Because now the reason that cryptocurrency is not operating in Nepal is because cryptocurrency is not a reliable currency because its value will suddenly increase and decrease suddenly and there are many problems including the possibility that anyone can hack and steal it, so it has not been implemented.
Also, if any person does bad things on social media and uses cryptocurrency for that, it is very difficult to find out about him. And since it's a digital currency, it can't even be tracked. That is why Nepal government has not given permission for it now.
Last word, the future of cryptocurrency
With cryptocurrency you can use it anywhere in the world. Because cryptocurrencies are operated all over the world. You can conduct cryptocurrency transactions by buying or selling anything anywhere. So its benefits are also many. Any citizen can earn a good income through crypto currency by doing activities like trading, so now citizens in many countries are making their way of earning by trading this cryptocurrency.
Not only are there benefits, but there are also many risks or disadvantages. If someone hacks your account, you can't get your cryptocurrency money back, and now, people are being cheated by crypto currency all over the world.
So we can see that while bringing cryptocurrency to Nepal is good, it also has many disadvantages. Therefore, Nepal government has not operated it legally. If later we manage to get some information about it or come to know any information about cryptocurrency operation in Nepal, we will try to inform you as much as possible.
I hope you know everything about whether crypto currency is operating in Nepal or why it is not. If you have any questions or queries, you can leave your comments in the comment box.
