Binance, a Cayman Islands-domiciled cryptocurrency exchange that provides a platform for trading various cryptocurrencies founded in 2017, has added support for the Nepalese Rupee (NPR) on the Binance Peer-to-Peer (P2P) trading platform. As of April 2021, Binance was the largest cryptocurrency exchange in the world in terms of trading volume.
With this announcement of Binance on 17th May 2021, you can now trade NPR in exchange for BTC, USDT, ETH, BNB, BUSD and DAI with zero transaction fees. However, on August 13, 2017, Nepal Rastra Bank issued a notice banning Bitcoin. Two acts: Foreign Exchange Regulation Act 2019 BS and Nepal Rastra Bank Act 2058 BS have been given as the reasons behind this ban. However, what is more, baffling is that the ban has not been followed up by research, nor was the ban based on research. In both scenarios, policymaking is reactive and fearful of new changes rather than adapting itself to them.
On the Binance P2P platform, users can post trade advertisements or directly trade cryptocurrencies using NPR with other users or verified merchants. Learn how to use the Binance P2P platform here, and start trading now.Binance is looking for experienced P2P merchants who have a stable source of cryptocurrencies and NPR. To apply to be a local P2P merchant, please click here.
With this exciting announcement, Binance has also released a disclaimer as below.
Disclaimer: Your use of the Binance P2P services and all information and other content (including that of third parties) included in or accessible from the Binance P2P services is at your sole risk. Our only responsibility is to handle your payment transaction. All payments are final upon completion unless otherwise required by law. Binance P2P platform has neither the rights nor the obligations to resolve any disputes arising from a completed payment. Neither Binance P2P platform nor merchants shall be responsible for your loss in a completed payment.Thanks for your support!
The lawmakers need to focus on progressive and proactive policymaking. The government needs to be open to adapting new technology, and they need to bring in outside experts to help them create laws – there should be a wider public debate about Bitcoin and ride sharing apps and other similar controversies, unless Nepal wants to continue living in the 20th century.
To learn more about the efforts made in regards to Crypto and BlockChain Tech in Nepal, refer to this article by Dikpal Khatri Chhetry and Anushka Joshi On Bitcoin: Seek help of experts