#NFPCryptoImpact #NFPCryptoImpact appears to be associated with discussions on the impact of cryptocurrencies in Nepal. In recent years, Nepal has experienced significant developments in this area, particularly concerning regulatory measures and public awareness.

Regulatory Actions:

Nepal Rastra Bank (NRB), the country's central bank, has consistently maintained a firm stance against the use of virtual currencies. In January 2022, NRB issued a warning that individuals involved in cryptocurrency transactions and pyramid-based networking schemes, such as hyper fund, jocyal, crowd1, soul max, and global, would face legal consequences. The bank emphasized that virtual currencies lack legal recognition in Nepal and pose risks of fraud and illegal capital outflow.

Despite these prohibitions, the use of cryptocurrencies in fraudulent activities has persisted. In November 2024, Nepal's Financial Intelligence Unit (FIU) reported an increase in cyber-related fraud involving cryptocurrencies. Fraudsters have been converting illicit funds into cryptocurrencies, complicating efforts to trace and recover the money. The FIU recommended enhancing public awareness and monitoring of cryptocurrency transactions to combat these challenges.

Public Awareness and Enforcement:

To address the ongoing issues, authorities have been actively working to raise public awareness about the risks associated with cryptocurrency investments. Additionally, law enforcement agencies have taken action against individuals involved in online fraud related to cryptocurrencies. For instance, in September 2024, a person was arrested for defrauding victims by promising to transfer large sums of money through cryptocurrency channels.

Community Initiatives:

On a positive note, there have been efforts within Nepal to explore the potential benefits of blockchain technology. In October 2021, a team of Nepali youths was nominated as finalists in the International Blockchain Olympiad. They proposed a novel blockchain architecture aimed at revitalizing the banking system in Nepal