Nepalese Police Arrests Bitcoin Traders

Nepalese Police Arrests Bitcoin Traders

The Nepalese police have reportedly arrested seven people for allegedly being involved in virtual currency trading activities.

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The Nepalese police have reportedly arrested seven people for allegedly being involved in virtual currency trading activities.

According to cointelegraph.com, the arrest was made despite of the lacking regulations in the country.

The local online media, the Kathmandupostwrote in a report that the suspects were arrested by the Central Investigation Bureau (CIB) in Kathmandu and Chitwan.

“They have been kept at the police custody.”, as DSP Jeevan Kumar Shrestha of the CIB said as quoted by the Kathmandupost.

“The traded amount will be discovered after further investigation.”, as he added.

The convicted can face a fine three times the amount in question and jail term to three years, as he told the online media.

The arrests made by CIB are raising questions regarding the trade of Bitcoin and other cryptocurrencies. It is still no clear regulation making cryptocurrency use and trading illegal.

The Nepalese government is to introduce regulations in the field. One of the possibilities is that the authorities will ban trading of cryptocurrencies, as cointelegraph.com explained.

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