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Saturday, February 4, 2023

Nepal Shuts Down Crypto Websites And Apps – Warns About Engaging in Crypto Activities

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Nepal Shuts Down Crypto Websites And Apps – The Nepal Telecommunications Authority (NTA), the country’s technology regulator, published a statement on Monday warning the public against engaging in illegal activities, explicitly mentioning cryptocurrencies, bitcoin, and online gambling.

Noting that transactions involving digital technologies, such as cryptocurrency, have increased in Nepal, the NTA emphasized that websites, applications, and internet networks associated with crypto activities are not permitted to be accessed, administered, or managed within the country.

The regulator went on to warn the public that operations using cryptocurrencies, such as bitcoin, are “illegal and criminal,” adding:

“If anyone is found to be engaging in or has engaged in such actions, action will be taken in accordance with the applicable law.”

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Also Read: Kraken Becomes First Global Crypto Exchange Fully Licensed by Abu Dhabi Global Market

The NTA urged internet service providers 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 emphasized that they are now disabled and blacklisted.

According to the NTA, the ministry stated that the trading of cryptocurrencies, particularly bitcoin, has exacerbated economic crime in the country.

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

“After conducting an inquiry, the government has asked us to close down the apps.”

The Nepal Police Central Investigation Bureau (CIB) has also arrested and prosecuted some people involved in cryptocurrency trading.

Also Read: South Korean Music Sharing Platform Registers NFT Music Theft Prevention Patent

Nepal Shuts Down Crypto Websites And Apps – The country’s central bank, Nepal Rastra Bank, issued a directive earlier this year prohibiting all Nepali nationals and non-nationals living in the country from purchasing and investing in cryptocurrencies. The main reasons mentioned by the central bank were increasing fraud risk and unlawful outflows of domestic capital.

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