Nepal's telco regulator has ordered ISPs to block crypto websites. India's neighboring nation (Nepal) has decided to take a hard stance against cryptocurrency trading after the country's telecom regulator ordered ISPs to block crypto websites.
The telco has also threatened to sue anyone who violates the order. The Nepal Telecommunication Authority ordered all ISPs and email services to prevent users from accessing "websites, apps, or online networks" related to cryptocurrency or its trading in a notice published on January 8.
The notice stated that there has been an increase in the trading of virtual digital currencies in recent days, but it also stated that trading cryptocurrency is illegal in Nepal. In September 2021, Nepal's central bank declared cryptocurrency trading and mining illegal.
The Nepal Rastra Bank (NRB) also advised citizens not to engage in cryptocurrency trading because it would be illegal. The April notice also stated that anyone found engaging in crypto-related activities would face consequences, but it did not oppose crypto services and platforms operating within the country.
Despite the ban, crypto trading and mining continued in the country, much to the surprise of Nepalese authorities, after a report by blockchain data analysis firm Chainalysis identified Nepal as one of the emerging markets for crypto in the year 2022.
It also stated that Nepal was one of the early leaders in terms of crypto adoption, ranking 16th on the global adoption index, even ahead of the United Kingdom. Nepal is one of the few countries in the world that has outright prohibited cryptocurrency trading. China, Bangladesh, Algeria, Egypt, Iraq, Morocco, Tunisia, and Qatar are among the other countries.
Cryptocurrency carries certain risks and is extremely volatile, which is why governments are wary of its use. Since the number of crypto scams and money laundering activities via crypto has increased, some governments have decided that it is a safer bet to prohibit the trading of digital currencies.
Join our WhatsApp Channel to get the latest news, exclusives and videos on WhatsApp
_____________
Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.