While countries are looking at incorporating crypto through legislative changes, some countries are still apprehensive about the technology and imposing bans on it. Recently, the Nepal Telecommunications Authority (NTA) issued a warning stating that crypto activities are illegal.
Nepal’s regulator of the technology sector issued a notice stating that people engaging in illegal activities such as crypto, bitcoin, and online gambling should refrain from doing so in the future.
The regulator proceeded to warn the public that crypto such as bitcoin, Ether are “illegal and criminal”, elaborating:
“If anyone is found to be doing or have done such activities, action will be taken according to the prevailing law.“
Last month, the NTA directed internet service providers (ISPs) to shut down all crypto trading websites and apps. For this, they had to request the country’s Ministry of communications and information technology.
According to the ministry, the use of bitcoin and other crypto has increased economic crime in the country. NTA’s deputy director, Surya Prasad Lamichhane said:
The government has directed [us] to shut down the apps after carrying out an investigation.
Moreover, the Central Investigation Bureau (CIB) of Nepal Police has arrested some people carrying out the crypto business.
Also, the country’s central bank, Nepal Rastra has issued a directive banning all from purchasing and investing in crypto. The central bank had cited increased fraud risk and illegal outflow of domestic capital as the key reasons for the ban. Its website stated:
“Cryptocurrencies including bitcoin cannot be traded in Nepal. Doing so is illegal.“