Central bank warns to avert cryptocurrency and network business

The Nepal Rastra Bank (NRB) has urged one and all to remain cautious on the issue of cryptocurrency and network business since it is an illegal act.

The central bank said such transactions and activities in Nepal were not only destructive to the country’s economy but also to investors in a public statement released on Tuesday in response to an increase in network marketing and cryptocurrency transactions.

The central bank has also warned everyone to exercise caution, citing the fact that cryptocurrency and network business are not regulated.

As a result, the NRB has said that there is still a considerable danger of cryptocurrency and network marketing transactions being used for money laundering and terrorist operations.

The usage of cryptocurrencies might lead to unlawful actions such as counterfeiting and tax evasion, according to the central bank, while network marketing is also an illegal economic conduct that has a detrimental influence on revenue collection.