Central Bank Urges All To Stay Away From Cryptocurrency And Network Companies – myRepublica

KATHMANDU, February 9: The Nepal Rastra Bank (NRB) has urged everyone to be cautious on the issue of cryptocurrency transactions and networking as it is an illegal act.

In issuing a public message on Tuesday amid growing incidents of network marketing and cryptocurrency, the central bank said such activities in Nepal not only leave the country’s economy vulnerable, but also risk losing their money to investors.

The central bank also urged everyone to be cautious about such activities, saying the nature of cryptocurrency and network marketing is unregulated.

The NRB mentioned that there is a high risk of investment in money laundering and terrorist activities resulting from cryptocurrency transaction and network marketing.

The use of cryptocurrency could lead to illegal activities, especially forgery and tax evasion and network marketing is also an illegal economic act which has a negative impact on the country’s revenue collection, said the central bank.

Likewise, the central bank has said that the use of cryptocurrency could have an impact on the regulation of capital flight; and its efforts to stop capital flight.

Stating that capital flight could be carried out through illegal or Hundi means, the NRB said the increased use of cryptocurrency could have a negative impact on fiscal stability.

(RSS)

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