Nepal Bankers’ Association, the umbrella organisation of the commercial banks, has said that crypto, virtual currency and network marketing business and transactions are illegal in Nepal.

Issuing a notice on Wednesday, the Association urged the people not to involve in the transactions related to virtual currency and networking as these are illegal in Nepal.

It warned of action as per the existing laws against any individual or institution found involved in such activities.

Nepal Rastra Bank (NRB), the country’s Central Bank, on January 29, had also warned of action against those found involved in virtual currency and networking transactions. It is said transactions of cryptocurrency and illegal networking transactions such as Networking Hyper Fund, Jocial, Crowd1, SolMax Global etc are found taking place in Nepal in recent days.

The Department of Revenue Investigation on Tuesday filed a case against four people including three members of the same family for their involvement in these illegal transactions. It has claimed more than Rs 370 million from them. RSS