• 19 June, 2024
News

Nepal Orders Network Providers to Block Crypto-Related Sites and Apps

Yet again, measures have been taken by the authorities in Nepal to obstruct activity relating to cryptocurrencies. The Nepalese Telecommunications Authority (NTA) issued a notice to all internet service providers (ISPs) on January 8 instructing them to refrain from running and maintaining any websites, applications, or online networks that are associated with cryptocurrencies.

It was claimed that transactions involving virtual currencies have been on the rise in recent days, and it was emphasized that conducting cryptocurrency transactions inside the nation is against the law.

Back in April 2022, the NTA issued a similar warning on cryptocurrency websites and asked the general public to report the regulator if they had any knowledge regarding the name of such a website, app, or online network.

The warning also included a threat from the agency to take legal action against anybody who is discovered to have engaged in or been engaged in crypto-related activities. However, the agency did not at that time ask for a restriction on access to crypto services, so the addition was made only recently.

Nepal’s Citizens Are Not Backing Away From Crypto Despite Ban

In spite of the prohibition, Nepal was rated 16th in Chainalysis’s 2022 Global Crypto Adoption Index, placing it above countries such as the United Kingdom and Indonesia. This demonstrates that people in Nepal are not shying away from cryptocurrency despite the government’s efforts to discourage them.

Source: Chainalysis

Trading in cryptocurrencies is strictly prohibited in Nepal, making it one of just a handful of nations in the world to take such a stance. China, Bangladesh, Algeria, Egypt, Iraq, Morocco, Tunisia, and Qatar are some of the other nations that are included in this list.

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