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Cryptocurrency in Nepal
Cryptocurrency

What is Cryptocurrency?

Firstly, cryptocurrency is a digital asset that is used as a medium of exchange. They are decentralized, meaning that no single institution or government controls them. Cryptocurrency is a digital or virtual currency. Cryptography secures Cryptocurrency . Which makes it nearly impossible to counterfeit or double-spend. A decentralized network typically operates Cryptocurrency, meaning no one central authority controls it. The public ledger records all transactions that occur on the network and usually distributes them. A network of computers maintains this ledger. Cryptocurrency transactions are verified and added to the ledger by a process called mining. They are also not backed by any physical asset, such as gold or silver, and their value is determined by market supply and demand. Cryptocurrencies are a relatively new form of currency, but they are quickly gaining popularity as an alternative to traditional currencies.

How does Cryptocurrency work?

Firstly, cryptocurrency is a digital asset that is used as a medium of exchange. Secondly, it uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Thirdly, it operates independently of a central bank and is not tied to any country or jurisdiction. Furthermore, it is decentralized, meaning it is not owned by any one entity and is instead maintained by a network of computers that use a distributed ledger technology. Additionally, cryptocurrency transactions are recorded in a digital ledger and can be publicly accessed, allowing for greater transparency. Finally, users send and receive cryptocurrencies by using digital wallets and public and private keys.

The most popular and widely used form of cryptocurrency is Bitcoin. No single server or point of control controls Bitcoin, making it decentralized A peer-to-peer network of computers runs a consensus algorithm to power Bitcoin. The network verifies all transactions before they are added to the blockchain, a public ledger of all Bitcoin transactions

Users must have a Bitcoin wallet, which stores their private and public keys, to use Bitcoin. This wallet is associated with a unique Bitcoin address, which is used to receive funds. To send funds, users must enter the recipients address and the amount to be sent, which is then broadcast to the network and verified by miners.

Miner computers verify transactions and add them to the blockchain, in exchange for which they are rewarded with Bitcoin. This process, called mining, creates new coins and secures the network.

Examples of Cryptocurrency

  1. Bitcoin: Bitcoin is the world’s first and largest cryptocurrency, created in 2009 by the anonymous Satoshi Nakamoto. Mining verifies Bitcoin transactions, and miners are rewarded with new bitcoins for their work. Decentralized and operating on a peertopeer network, Bitcoin allows users to send and receive payments without the need for a thirdparty intermediary. The blockchain, secured using cryptography, records all Bitcoin transactions publicly.
  2. Ethereum: Ethereum is an open source, public, blockchain-based distributed computing platform and operating system featuring smart contract (scripting) functionality. It provides a decentralized virtual machine, the Ethereum Virtual Machine (EVM). It can execute scripts using an international network of public nodes. Participant nodes can be compensated for computations performed by transferring ether, a cryptocurrency token provided by Ethereum, between accounts.
  3. Litecoin: Litecoin is a peer-to-peer cryptocurrency launched in 2011. It is based on Bitcoin’s codebase, but with several improvements. Litecoin designers designed it to be faster and more efficient than Bitcoin, with a transaction confirmation time of 2.5 minutes compared to Bitcoin‘s 10 minutes. It also has a larger total supply of 84 million coins compared to Bitcoin’s 21 million.

Cryptocurrency in Nepal

Nepal ranks 16th in cryptocurrency trading despite being banned. Nepal has not yet officially recognized Cryptocurrency. In 2018, the Nepal Rastra Bank (NRB) issued a circular warning citizens and financial institutions of the risks associated with virtual currencies. And discouraging the use of digital assets.

Cryptocurrency has become increasingly popular in Nepal; however, it is still mostly unregulated. Despite this, some Nepalese are investing in cryptocurrencies such as Bitcoin, Ethereum, and Ripple. The government of Nepal has recently begun to consider regulating cryptocurrencyrelated activities, and the Nepal Rastra Bank has warned citizens about the risks of investing in cryptocurrency. While the future of cryptocurrency in Nepal is uncertain, it is clear that the technology has already become a part of the country‘s financial landscape. However, the country is looking to take advantage of the technology underlying digital assets by launching its own digital currency .The NRB has already launched a pilot project, details of which have not been disclosed, to develop its own digital currency.

Which will help to improve the country’s financial system and increase financial inclusion.

At present, there are no regulations or laws governing the use and trading of cryptocurrencies in Nepal. The user assumes all risk for any activity related to cryptocurrency.

Why Nepal banned Cryptocurrency ?

The government of Nepal has banned cryptocurrency due to the lack of regulation and its concerns about the potential for money laundering and other financial crimes that could be facilitated by virtual currencies. In addition, the government is concerned about the lack of consumer protection and the potential for fraud.

 Additionally, the Nepalese government worries that its lack of regulation could cause economic instability. As a result, the government has taken steps to protect citizens from the potential risks associated with cryptocurrency by prohibiting its use. The government of Nepal has taken a strong stance against the use of cryptocurrencies in the country.Unfortunately, Nepal has taken a hard stance on cryptocurrencies, banning them outright. As a result, it is illegal to buy, sell, or trade cryptocurrencies in Nepal. Furthermore, the NRB has warned that anyone caught using cryptocurrency could face a prison sentence of up to 10 years and a hefty fine.

In addition, the government has also taken steps to block access to cryptocurrency exchanges. In July 2018, the Nepal Telecommunications Authority (NTA) ordered internet service providers to block access to cryptocurrency exchanges. Any person found trading or investing in cryptocurrency will be charged with a crime by the NTA.

The government is also concerned about the lack of consumer protection and the potential for fraud. Moreover, The central bank worries that the Nepalese rupee might be devalued if cryptocurrencies are allowed to circulate freely.

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Cryptocurrency in Nepal

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