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.”
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Not only in Nepal but saame case is in the India.Bitcoin’s roaring success towards the end of 2017 proved irresistible to Indian investors, despite rumours that India’s central bank could put a stop to the token.
At the moment bitcoin has not been outlawed or banned, but India’s major finance institutions do not recognise it as legal tender.
India’s complicated relationship with bitcoin is all the more bizarre because neither the Government nor the Reserve Bank of India (RBI) have officially clamped down on it, but have approached it with a palpable degree of hostility.
All the while individual bitcoin traders and exchanges appear to be bearing the brunt of a campaign that has already begun to impact crypto usage across the country.