The Nepal Telecommunications Authority (NTA) has announced that crypto activities have been prohibited in the country and that any app or website dedicated to this set of illegal activities will be shut down.
Websites and apps are not allowed to discuss or promote any crypto activity in the country.
The country’s IT sector outlined some activities that were considered illegal, and the likes of online gambling and cryptocurrency were included.
Nepalese residents, like those in many other countries, have grown increasingly interested in crypto assets and virtual currencies.
Nar Bahadur Thapa, a former Executive Director of NRB, stated that the activities of the Indian government may affect Nepal.
“If Nepal is to accept the digital currency as India did, it will help in controlling instability and help to provide cheap loans as well…With the new policy introduced in India, the government of Nepal needs to do three things. First, a thorough study needs to be done. Based on the same study, Nepal should also recognize the cryptocurrency and assimilate the digital currency by levying a profit tax.”
The NTA ordered that all internet service providers in Nepal block access to crypto apps and websites. This order was swiftly executed.
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