So far, cryptocurrencies are illegal in a few countries, whereas the rest of the world either sees it as fitting to utilise these ‘monies’, or keeps them in a grey area of financial law. Similarly, though most countries in the world do not criminalise cryptocurrencies, they have yet to define their usage as monies or commodities, thus making varied classifications all over the world.
Nepal Rastra Bank has already made it clear in its notice dated August 13, 2017, that all transactions related to or regarding Bitcoins are illegal. But it allied Bitcoins to “Foreign Exchanges”, though cryptocurrencies have no foreign central authority to regulate them. This is where the confusion is. Bitcoin is a decentralised digital currency that is traded from one individual to the other, not through banks. It has no issuing or regulating country, and these bitcoins are converted into US dollars simply because dollars are used as an international exchange rate.
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