The Nepal Telecommunications Authority has issued a warning that cryptographic activities are illegal. The regulator stressed that websites, apps and internet networks related to crypto activities are prohibited from being used, operated or managed within the country.
Nepali Regulatory Cryptographic Warning
Nepal’s technology sector regulator, the Nepal Telecommunications Authority (NTA), issued a notice on Monday warning the public of engaging in illegal activities, specifically naming cryptocurrency, bitcoin and online gambling.
Noting that transactions using digital technologies, such as cryptocurrency, have increased in Nepal, the NTA has emphasized that websites, programs and internet networks related to crypto activities are prohibited from being used, operated or managed within the country.
The regulator went on to warn the public that activities involving cryptocurrencies, including bitcoin, are “illegal and criminal”, elaborating:
If it is found that someone is doing or has been doing such activities, the law will be followed.
In March, at the request of the country’s Ministry of Communications and Information Technology, the NTA directed Internet service providers (ISPs) to shut down all crypto-commerce websites and programs. They are now disabled and blacklisted, the regulator stressed.
The ministry reportedly told the NTA that the trade in cryptocurrencies, including bitcoin, has increased economic crime in the country.
Surya Prasad Lamichhane, NTA’s deputy director, was quoted as saying:
The government directed [us] close the caps after doing research.
The Central Investigation Bureau (CIB) of Nepal Police has also arrested and taken action against some people doing crypto business.
The Nepalese Restructuring Bank, the country’s central bank, issued a directive earlier this year banning all Nepali nationals and non-nationals living in the country from buying and investing in cryptocurrencies. The central bank cited increased fraud risk and illegal outflow of domestic capital as the main reasons.
The Nepalese central bank explained on its website:
Cryptocurrencies including bitcoin cannot be traded in Nepal. Doing so is illegal.
What do you think about Nepal closing crypto websites and apps? Let us know in the comments section below.
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