Local Telecommunications Authority has made it clear - all Nepal’s Internet Service Providers (ISPs) will have to block crypto, and crypto-related websites.
On January 8th, 2023, Nepal Telecommunication Authority posted a public notice about the latest government’s efforts to crack down crypto-related activities in the country. The notice described crypto payments and transactions as ‘not legally recognized as monetary instruments in Nepal’. Websites that facilitate citizens’ access to these ‘illegal activities’ were told to ‘prevent the use, operation and management’ or, in case of non-compliance, face the law.
Such an announcement does not come as a surprise, since the central bank of Nepal had already banned crypto (trading, and mining) back in September, 2021. But, according to the latest public notice by the Local Telecommunications Authority, this did not stop people from engaging in such activities, despite them becoming illegal, and ‘punishable by law’.
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Such tendencies can be observed in other countries that have introduced bans on crypto. For example, the talks about banning crypto in India, have not silenced the movement or decreased its popularity in the country.
Despite that, Nepal remains among the strictest countries when it comes to crypto. Other countries that have implemented an absolute ban on cryptocurrencies are Algeria, Bangladesh, China, Egypt, Iraq, Morocco, Qatar, and Tunisia.