Yes! Bitcoin is illegal in Nepal. It is banned in Nepal. NRB stated that “You can’t use bitcoin and other cryptocurrencies in Nepal. Using cryptocurrencies is illegal/invalid in Nepal.”
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What is Bitcoin?
Bitcoin is a cryptocurrency. It is a digital currency. Bitcoin is a digital file stored in your computer or mobile phone with the help of a digital wallet. You can use the wallet to send or pay the bitcoin.
Every transaction detail is stored in the form of a blockchain. You can use bitcoin for buying products and services. Although, only a few shops and websites accept bitcoins.
How to get Bitcoin?
There are two methods to get bitcoin:
- By making your own special computer system for bitcoin mining
- Buying bitcoin using real money or getting bitcoin as payment
You can do bitcoin mining using your own personal computer. At first, You will need your own high-end computer system for bitcoin mining. And then, It requires high patience level, and investment to get profit from bitcoin mining.
Check investopedia.com, for detailed information about bitcoin mining.
Is bitcoin mining illegal in Nepal?
Yes! It is illegal and the Nepal government does not allow you to mine any cryptocurrency in Nepal.
At first, It is illegal to use and mine any cryptocurrencies from Nepal and If you are found using bitcoin in Nepal then You may be charged a case against using/mining any cryptocurrency.
How to buy bitcoin in Nepal?
Although cryptocurrencies are illegal in Nepal, some online sites are selling bitcoins and cryptocurrencies. But you can buy bitcoin by providing real money payments via the Esewa app and direct bank transfer.
Sites like paxful.com are allowing to buy and sell bitcoin online in Nepal.
Should you buy bitcoin in Nepal?
Since NRB has mentioned not to use/mine any sort of cryptocurrency, you shouldn’t buy/sell cryptocurrency from Nepal. If you are in foreign countries like Australia then you can use bitcoin.
Many Nepalese youths are arrested for using bitcoin. At first, Being a good citizen of a country, it is our duty to follow government rules. So, I do not recommend you to use bitcoin here in Nepal. If you are willing then you may use it at your own risk!
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