The internet service providers (ISPs) in Nepal have been ordered to block all websites related to cryptocurrency trading. The country’s telecoms regulator has also threatened legal action against any ISPs that disobey this order.
According to a report, Nepal has witnessed a recent increase in transactions involving digital technologies such as network marketing and virtual currencies, which are not legally recognized as payment methods in the country.
In Nepal, cryptocurrency, bitcoin, hyper networking, online gambling, and other financial crimes involving internet technologies, including websites, applications, and online instructions, have been restricted by the Nepal Telecommunication Authority.
The NTA has issued a statement, saying:
“The Nepal Telecommunication Authority to all internet (including email) service providers to prevent the use, operation and management of virtual media including networks within Nepal and to prevent access to such websites, apps or online networks.”
Nepal banned cryptocurrency-related activities, websites, and apps in April 2022. Like many other nations, Nepalese citizens are becoming increasingly interested in cryptocurrencies and virtual currencies.
Former NRB executive director Nar Bahadur Thapa believes that Nepal might be affected by the actions of the Indian government. Thapa claims that if Nepal adopts digital currency, as India did, it could help to control instability and provide low-cost loans.
Thapa stated that there are three things that the Nepali government must do. A comprehensive investigation must first be conducted. According to the same report, Nepal should then accept cryptocurrencies and implement them by enforcing a profit tax.
A Law Library of Congress report from November 2021 lists Nepal as one of only nine nations that have officially banned cryptocurrencies. China, Algeria, Bangladesh, Egypt, Iraq, Morocco, Qatar, and Tunisia are among the other countries that have banned cryptocurrency.
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