With every passing time, technology moves one step forward. In the developed world or “rich world” as Bill Gates would put it its recent advances in genetics and gene editing has led to some tremendous progress towards helping people in the developing or “poor world” especially in places like India and Nepal where medical costs are high.
Bill hacked into the computer world with the invention of Microsoft
and BASIC (Beginners All Purpose Symbolic Instruction Code) which was
the first operating system that ever got into mainstream personal
Today the technology has a widespread impact not just in personal
computer space but many other domains such as financial technologies
also shortly called as fin-tech, education technologies also called
ed-tech and biotechnologies, i.e. biotech.
In fin-tech space, the recent advances in Bitcoin have made a lot of
countries and financial institutions nervous and worried. In short,
Bitcoin is the currency of the Internet where the transaction between A
to B happens on a distributed network where there is no central
authority or entity.
Bitcoin was first invented a decade ago by a guy named Satoshi
Nakamoto, a pseudonym that is anonymous till date. Back in those days if
you would have bought Bitcoin at today’s market value that would have
given you 5000% return. You would have become rich beyond your
Recently a friend of mine who is an avid Nepalese reader of news
shared a news that Bitcoin exchange is illegal in Nepal. I smiled when I
heard the news since Nepal falls in the basket of “poor world”
according to Gates and it shows how uneducated the regulators and
policymakers in our country are, especially in case of how the
technology is shaping our modern world, and it shows our reluctance and
conservatism towards change.
Many countries in Europe, America and Africa have started trading
Bitcoin. It is a new form of cash, but only digital, so there is no
governing body like we are used to with most financial institutions.
Since Bitcoin and digital currency is legal in India, Pakistan and
China, I don’t see why it should be illegal here. It should by no means
become unlawful since the transaction happens from party A to party B
and the other parties who run the network get some share of money for
making that trade happen.
I would suggest that Government officials should start making a plan
and laws to make this digital currency legal in Nepal as soon as
Published: The Himalayan Times
A version of this article appears in print on November 08, 2017 of The Himalayan Times.