CIB in preparation of research on the trend of illegal cryptocurrency PI mining app Nepal

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Kathmandu. Cryptocurrency (virtual currency) is illegal under Nepali law. But the app that claims to do cryptocurrency mining on mobile has been going viral in Nepal for the last few days.

The app, which has been downloaded one million times worldwide from the Google Play Store, is at number two in the list of top trending apps in Nepal. From Facebook posts to Messenger, you may have seen many invitations to use this app.

            Claiming to be mining cryptocurrency (intangible currency) on smartphones, this app was made public on 30 falgun 2075. This app created by three graduates of Stanford University in California, USA has been in the news in Nepal for some time now.

            
Nepal Rastra Bank, the regulatory body of the financial sector, has already clarified in a notification in 2074 BS that bitcoin (a kind of cryptocurrency) trading is illegal in Nepal. The central bank had warned no one to engage in such activities.
                Director of the Central Investigation Bureau (CIB) of Nepal Police and DIG Sahakul Bahadur Thapa said that cryptocurrency was illegal for Nepal and action was taken against it.
“Similar activity is reported from the PI Network app,” he said. If it is proved that there is such activity, it will be brought under the scope of action. ‘
        About three years ago, the bureau arrested seven people on charges of being involved in cryptocurrency transactions and took action against 10 of them.
A total of Rs. 49,966,596 was demanded and a seven-year jail term was demanded against them. The case against him, who was released on bail of Rs 4.2 million, is still ongoing.
Bam Bahadur Mishra, executive director of the foreign exchange department of NRB, said that they have received information about the PI network and discussions are underway to take the study forward.
“So far, cryptocurrency has not been legalized in Nepal,” he said. Otherwise, action may have to be taken as per the Foreign Exchange Act. ‘
PI has been claimed to be the first cryptocurrency to be easily mined on smartphones. Bitcoin mining requires a lot of energy along with powerful computer equipment.
The PI Network app can easily create access to the device ID and call information, storage, WiFi connection, contact number, etc. of the user’s mobile.
Not only this, it also has the ability to run on its own as soon as the phone is turned on, control the vibration, pull the other apps and prevent the phone from falling asleep.
In this news, the PI network, which is considered to be risky even in terms of personal privacy, is only seen within the realm of intangible currency.
                                      Source:    TECHPANA




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