Kathmandu. Nepal Rastra Bank has requested not to deal with cryptocurrency. Releasing a notice on Monday, the National Bank has requested not to deal with cryptocurrency and bitcoin. Nepal Rastra Bank has warned the businessmen of virtual currency, cryptocurrency, network marketing and hyper fund to take action. As these activities are illegal, the National Bank has warned that those involved in these activities will be punished.

It is mentioned in the notification of Rashtra Bank that it issued notices on this matter on 29th July 2074, 24th August 2078 and 9th January 2018, but again issued this notice to warn people not to do business.

Citizens, firms, companies, institutions (including foreigners) residing in Nepal and all Nepali citizens residing outside Nepal and those registered in Nepal and outside Nepal, firms, companies, institutions and branch offices and agencies of such companies or institutions may use any type of virtual currency pyramid based network. It has been mentioned in the notification of the National Bank that if it is found that marketing and hyper fund transactions have been carried out, and if it has been found that it has been used, involved, subscribed, invested, assumed ownership, transferred, remitted, exchanged, mined, it will be prosecuted according to the prevailing laws.

According to the Nepalese law, the Foreign Exchange Act, 2019 states that individuals, firms, companies or organizations who wish to conduct foreign exchange transactions must obtain a license from Nepal Rastra Bank.

If the licensee does not comply with the bank's order, it is mentioned in the law that the licensee can be warned, the business can be banned, the bond or security can be confiscated and the license can be revoked. Action has also been taken against those who import and export goods without completing the process.

Apart from that, if the amount of the offense related to foreign exchange is one crore rupees or more, such person can be imprisoned for up to three years in addition to other punishments, it is mentioned in the current law.