-Suman ShresthaBitcoin at present has become a topic of great interest. Actually Crypto currencies are virtual coins that are mined by computers using complex algorithms. Bitcoin is the most popular one. Bitcoin is a digital currency created in 2009.The government of Nepal is not very friendly towards crypto currencies.“Bitcoin is illegal in Nepal.” – Deputy Director, Kedar Prasad Acharya, Nepal Rastra Bank. Further, the Nepal-based Bitcoin trading platform, Bitsewa, has closed its services due to the currency’s legality issues. Nepal Rastra Bank officially declared Bitcoin illegal in Nepal taking strict measures. It is said that Bitcoin is banned in Nepal since Central Bank of Nepal is not able to track the transaction and is a high risk for going outward remittance for buying Bitcoins than inward remittance.Bitcoins are traded from one personal ‘wallet’ to another. A wallet is a small personal database that you store on your computer drive, Smartphone, tablet, or somewhere in the cloud. Bitcoins are completely virtual coins designed to be ‘self-contained’ for their value, with no need for banks to move and store the money. Bitcoins can be used to purchase goods and services online. Bitcoin currency is completely unregulated and completely decentralized. There is no national bank or national mint, and there is no depositor insurance coverage. The currency itself is self-contained and un-collateral, meaning that there is no precious metal behind the Bitcoins; the value of each Bitcoin resides within each Bitcoin itself. Bitcoins are stewarded by miners, the massive network of people who contribute their personal computers to the Bitcoin network. Miners act as a swarm of ledger keepers and auditors for Bitcoin transactions. Miners are paid for their accounting work by earning new Bitcoins for each week they contribute to the network.Bitcoins and alt-coins are highly controversial not only in Nepal but in other countries also because they take the power of making money away from central federal banks, and give it to the general public. Bitcoin accounts cannot be frozen or examined by tax men, and middleman banks are completely unnecessary for Bitcoins to move. Law enforcement and bankers see Bitcoins as ‘gold nuggets in the wild, wild west’, beyond the control of traditional police and financial institutions. It is said that from 2011-2013, criminal traders made Bitcoins famous by buying them in batches of millions of dollars so they could move money out of the eyes of law enforcement.The writer is student of Management at White House College of Management And Technology (Fourth Semester).References:https://www.rabinsxp.com/bitcoin-illegal-nepal-says-central-bank-nepal-bans-transactions/http://money.cnn.com/2017/12/07/technology/nicehash-bitcoin-theft-hacking/index.htmlhttps://multimining.websitehttps://localbitcoins.com/country/NPhttp://money.cnn.com/2017/12/07/technology/nicehash-bitcoin-theft-hacking/index.html
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