Cryptophobia: Dystopian and Utopian Realities of Cryptocurrency Bans and Regulatory Reactions to Blockchain: A Case Study of Nepal
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Queensland University of Technology
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Queensland University of Technology Australia
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Queensland University of Technology Australia
Abstract
This article explores the socio-legal implications of fear in response to blockchain through a case study of Nepal. Blockchain and cryptocurrency evoke the cultural imaginary of global societies and elicit both a wonderous utopian response and a fearful dystopian reaction; both have implications for how regulators create rules and structures to limit the development and use of this emerging and disruptive technology. This article looks to Nepal as an often-overlooked case study for cryptocurrency bans, insofar as the regulatory response has been to halt and criminalise the possession and handling of cryptocurrency by Nepalese, both domestically and abroad. This is more than merely fear, and an exploration of this allows for a deeper understanding and rethinking of the promises made by the technology as a tool for good through mechanisms such as remittances, the potential for blockchain entrepreneurism and the practicality of a Central Bank Digital Currency (CBDC).
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Author Biographies
Dr Lachlan Robb is a lecturer at the School of Law, Queensland University of Technology, Australia. His research examines the social, legal and technical regulations of emerging technologies such as AI and blockchain. This draws upon ethnographic and socio-legal research methods to examine the normative orders that animate tech-start-up's, law firms, and regulators. He has extensive experience working with blockchain companies, legal providers, and government.
Samagya is a legal research assistant to Dr Lachlan Robb. Ms Pradhan completed her undergraduate degree in law from Nepal law campus. Prior to moving to Australia, she worked as a policy analyst at a not-for-profit in Nepal working on the rights of migrant workers and protection of their human rights. She is interested in researching on regulation of emerging technologies and how countries from the global south can put laws and policies in place to maximize benefits from them.
Bikalpa is an early career researcher exploring regulation of data, and emerging technologies, such as blockchain, as integral components in the digital economy. As a Nepalese lawyer, Bikalpa has also provided consultations to Government of Nepal, UN Agencies, and international organisations on matters related to Nepalese commercial laws and policies. He is interested in amalgamating his knowledge and expertise to contribute to policy and legislative development relating to digital finance and more broadly, technology regulation in Nepal.
