- The Nepal Telecommunication Authority (NTA) issued a notification on January 8.
- Inciting another person to utilize crypto is also illegal.
There has been a directive from Nepal’s telecoms authority for all ISPs in the nation. To ban access to any and all cryptocurrency trading websites, with legal repercussions for those who don’t comply. The Nepal Telecommunication Authority (NTA) issued a notification on January 8. Instructing Internet service providers (ISPs) and email service providers (ESPs) to block access to “websites, apps, or online networks” relating to crypto.
In it, it was said that the volume of virtual currency transactions has been growing in recent days. And that such activities are prohibited by law in the nation. The Nepal Rastra Bank (NRB), the country’s national bank, issued a warning in September 2021. Making crypto trading and mining illegal.
Outright Ban on Crypto
Inciting another person to utilize crypto is also illegal. The NTA issued a similar warning in April. Requesting that any information “related to the name of such website, app or online network” be reported to the agency. There was no request for a shutdown of cryptocurrency services in the April warning, but legal action might be taken if “anyone is found to have done or been doing” crypto-related activity.
Despite the government’s efforts to stamp out cryptocurrency. A September research from blockchain analytics company Chainalysis found that developing nations like Nepal are leading the way in cryptocurrency adoption.
Because of its progressive attitude toward crypto, Nepal has risen to the number sixteen spot on the worldwide list, ahead of the United Kingdom. China, Algeria, Bangladesh, Egypt, Iraq, Morocco, Qatar, and Tunisia are among the other nations that have outright outlawed cryptocurrency.