January 24: Nepal Rastra Bank (NRB) has warned of action against those involved in the business of virtual currency/cryptocurrency and networking.
Issuing a press statement on Sunday, the central bank said anyone found involved in the business of cryptocurrency such as Hyper Fund and pyramid-based networking like Jocial, Crowd1, Solemax and Global would be punished.
"Virtual currency is not given legal recognition in Nepal. So, the people can be defrauded by such virtual currency and networking. It also leads to illegal capital outflow," the NRB said.
The central bank added that any foreigner or Nepali national found involved in this illegal act within the country or abroad as well as Nepali citizens residing in foreign countries would be punished as per the existing laws.