General Background and Our Motivation
Digitalization has engulfed every corner and domain of the globe, and currencies are no exception. As computer science enthusiasts, we were, are, and will always be enthralled by the prospects of digitalized currency. Cryptocurrencies are globally considered the future of financial transactions because of the leverage they offer in the form of decentralized and independent transactions. But in August 2017, the government of Nepal declared a ban on cryptocurrencies. It was shocking news for us and we wanted to understand why such a harsh decision was taken.
Before starting to work on this research, we searched comprehensively on the internet to see whether there were any research papers were associated with this subject matter. But, we couldn’t find any. Therefore, we decided to work on this paper. With this research, we aspire to elucidate the rationale behind the ban of cryptocurrencies by the Nepal Rastra Bank (NRB), the central bank of Nepal. We would attest to our devotion to this research by stating that we allocated 1 hour every day in the last 4 weeks to make this paper as accurate and efficient as possible.
Our Data Collection Approach
The information used in this research assessment is entirely secondary and was derived from various online articles and journals. We have taken into account those facts, carefully examined them, and tried to link several elements that are either directly or indirectly responsible for the ban of cryptocurrency in our country.