Nepal Telecommunications Authority issues illicit warnings to people who indulge in Crypto activities. As per the regulator websites, applications, and internet networks associated with crypto activities are banned from being used, operated, or administered within the country.
The Nepal Telecommunications Authority (NTA), Nepal’s technology regulator sector, published a notice on Monday cautioning the public against indulging in unlawful activities such as cryptocurrencies, bitcoin, and online gambling.
The NTA stated that websites, apps, and internet networks related to crypto activities are illegal to be utilised, operated, or managed within the country, despite the fact that transactions using digital technologies, such as cryptocurrencies, have been on the rise in Nepal.
The regulator went on to say that operations involving cryptocurrencies, such as bitcoin, are “illegal and criminal,” adding:
“If anyone is found to be doing or have done such activities, action will be taken according to the prevailing law.”
The NTA ordered internet service providers (ISPs) to shut down all crypto trading websites and applications in March, at the request of the country’s Ministry of Communications and Information Technology. The regulator stated that they have been disabled and blacklisted.
According to the NTA, the Ministry of Finance claims that the trading of cryptocurrencies, such as bitcoin, has boosted economic crime in the country.
NTA’s deputy director, Surya Prasad Lamichhane, was cited as saying:
“The government has directed [us] to shut down the apps after carrying out an investigation”.
The central bank of Nepal, the Nepal Rastra Bank, issued an order earlier this year prohibiting all Nepali nationals and non-nationals living in the country from purchasing or investing in cryptocurrencies. The main causes, according to the central bank, are increasing fraud risk and unlawful outflows of domestic capital.
