Nepal Shuts Down Crypto Websites, Apps — Warns About Engaging in Crypto Activities – Regulation Bitcoin News

According to the Nepal Telecommunications Authority, crypto activity is illegal. According to the regulator, websites and apps related to crypto activity are strictly forbidden in Nepal.

Nepalese Regulator’s Crypto Warning

Nepal’s regulator of the technology sector, the Nepal Telecommunications Authority (NTA), issued a notice Monday warning the public about engaging in illegal activities, specifically naming cryptocurrency, bitcoin, and online gambling.

The NTA noted that digital transactions, including cryptocurrency, are on the rise in Nepal. It also stressed the fact that apps and websites related to crypto activity cannot be operated or managed inside the country.

The regulator proceeded to warn the public that activities involving cryptocurrencies, including bitcoin, are “illegal and criminal,” elaborating:

Anybody found guilty of such acts or attempting to do so will face legal action according to the law.

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 trading websites and apps. According to the regulator, they have been blacklisted and are currently disabled.

According to NTA, the ministry told NTA that cryptocurrency trading, including bitcoin, had increased the crime rate in the country.

Surya Prasad Lamichhane, NTA’s deputy director, was quoted as saying:

It has directed [us]After completing an investigation, you can close the app.

A number of people who are involved in cryptocurrency business have also been detained by the Central Investigation Bureau, (CIB) of Nepal Police.

The Nepal Rastra 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. As the main reasons, the central bank pointed out increased fraud risk as well as illegal outflows of domestic capital.

This is the website of the Nepalese central banking.

It is illegal to trade in cryptocurrency, including Bitcoin. It is against the law to do so.

Let us know your thoughts on Nepal’s decision to shut down crypto apps and websites. Comment below.

Kevin Helms

Kevin, a student of Austrian Economics and a Bitcoin evangelist since 2011, was one of the first to discover Bitcoin. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.