Nepal's Financial Intelligence Unit (FIU) has found that cryptocurrencies are still widely used to plot cyber fraud despite an official ban on trading digital assets. The FIU is a specialized unit of Nepal's central bank, the National Bank of Nepal, that monitors and combats financial fraud, including money laundering and terrorist financing. In its Strategic Analysis Report published on November 18, the Financial Intelligence Unit noted an increase in the use of cryptocurrencies by criminals to launder money. The report said that fraudsters convert illicit funds into cryptocurrencies, which poses challenges for authorities to track and recover funds.