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Even after two powerful nations like China and India declared it illegal, the number of people investing in Bitcoin is increasing. Its users have been added in China and India. The value of Bitcoin, established as a digital currency, has risen sharply in recent days.

It is currently priced at  67,000 per unit. The value of this currency has been steadily rising for the last one year. It was valued at 30,000 in July last year. It is projected to reach 100,000 by January.

Legal recognition in the United States

The United States has legalized the trading of Bitcoin, the world's most expensive virtual currency. From the end of this month, two US exchanges, CME Group and CBOE Global Market Exchange, will start trading Bitcoin. In addition, investors will now be able to buy and sell futures contracts in Bitcoin.

What is Bitcoin?

Bitcoin is a virtual currency. This is called cryptocurrency. Physical currencies like Bharu, Nehru are created by the governments of the country. However, Bitcoin can be made by anyone in the world. However, no amount of pleasure can be created. The rules apply to it.

It is based on open source software. Bitcoin can be made by yourself or bought from the market like dollars, gold. In Nepal, only Nehru and Bharu can buy goods. But Bitcoin works in most countries of the world. Bitcoin can only be kept on mobile or computer. You need to download the application from iCloud (Internet) and install it on your mobile or computer and put Bitcoin in it.

Bitcoin can be bought with the currency of your country's currency. Bitcoin can also be bought and sold in other countries, such as money exchange exchanges. Bitcoin ATM machines are also housed. There you can insert other currencies to get the equivalent bitcoin in your wallet and withdraw other currencies by paying from the bitcoin you have online. Bitcoin can be bought from all over the world just like buying goods online.

Illegal in Nepal

In Nepal, Bitcoin trading is considered illegal. The Government of Nepal has recognized only Nepali currency transactions within Nepal. Apart from Nepali currency, other currencies can be earned and brought abroad, but in Nepal it can be traded only by exchanging Nepali currency through bank or money changer. If you need foreign currency while going abroad, you have to open it and buy it from a bank. Bitcoin cannot be bought or sold in the same way.

Action against Bitcoin traders

Even though it is considered illegal in Nepal, it has been found that Vitcoin is being traded at different times. It has been revealed that mobile phones of telecom companies are being recharged from illegal Bitcoin. Mobile numbers of Nepal Telecom, Ncell, Smartcell, UTL and other companies are being recharged from all Bitcoin wallets. Similarly, it has been found that money transfer (hundi) is also done through Bitcoin. According to the research of NRB, 10,000 Nepalis in Nepal have bitcoin worth Rs 40 billion. Investments are being made in Nepal, including investing black money in Bitcoin, and using Bitcoin to transfer assets abroad.

Recognition as a means of payment in Japan

In Japan, the government recognizes Bitcoin as a means of payment. No other government in the world has recognized it as a means of payment. However, governments in developed countries have not banned open exchanges for the purpose of buying and selling Bitcoin. The exchange has levied income tax and the traders have levied capital gains tax.

China bans bitcoin

China bans cryptocurrency Stating that financial risks have increased, the Chinese government recently ordered the immediate closure of all exchanges, including Case Trading, a Chinese company that exchanges cryptocurrencies. Transactions in any of the cryptocurrencies are now illegal in China and will be prosecuted. VTC China, the largest in Shanghai, has suspended trading since the announcement. Other major Bitcoin trading companies, including VBTC, JobBTC and UNB, have also stopped trading.