Fun

Nepal Shuts Down Crypto Websites, Apps — Warns About Engaging in Crypto Activities

News Feed - 2022-04-28 11:04:18

Nepal Shuts Down Crypto Websites, Apps — Warns About Engaging in Crypto Activities


The Nepal Telecommunications Authority has issued a warning that crypto activities are illegal. The regulator emphasized that websites, apps, and online networks related to crypto activities are prohibited to be used, operated, or managed within the country. 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.


Noting that transactions using digital technologies, such as cryptocurrency, have been on the rise in Nepal, the NTA stressed that websites, apps, and online networks related to crypto activities are prohibited to be used, operated, or managed within the country.


The regulator proceeded to warn the public that activities involving cryptocurrencies, including bitcoin, 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.


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. They are now disabled and blacklisted, the regulator stressed.


The ministry reportedly told the NTA that the trading of cryptocurrencies, including bitcoin, has increased economic crime in the country.


Surya Prasad Lamichhane, NTA’s deputy director, was quoted as saying: The government has directed [us] to shut down the apps after carrying out an investigation.


The Central Investigation Bureau (CIB) of Nepal Police has also arrested and taken action against some people carrying out crypto business.


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. The central bank cited increased fraud risk and illegal outflow of domestic capital as the key reasons.


The Nepalese central bank explained on its website: Cryptocurrencies including bitcoin cannot be traded in Nepal. Doing so is illegal. Tags in this story Bitcoin, Crypto, Cryptocurrency, Nepal crypto, Nepal cryptocurrency, shut down crypto apps, shut down crypto websites


What do you think about Nepal shutting down crypto websites and apps? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Top ECB Official Ramps Up Anti-Crypto Rhetoric, Calls for Global Regulations REGULATION | 1 hour ago Report: Cambodia Reaffirms Stance Against Unsanctioned Crypto-Related Activities REGULATION | 3 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleDeutsche Bank Predicts Major US Recession Next Year Next articleReport: Cambodia Reaffirms Stance Against Unsanctioned Crypto-Related Activities Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

Tom Blackstone2 hours agoOpen-source advocates launch OP Stack testnet to fund public goodsThe Public Goods Network from Gitcoin promises to redirect most net sequencer fees into public goods, instead of giving them to t
Sam Bankman-Fried Disputes FTX US ‘Shortfall’ Claims, Critics Skeptical of Excel Spreadsheet Defense
Sam Bankman-Fried Disputes FTX US "Shortfall" Claims, Critics Skeptical of Excel Spreadsheet Defense Following an update from FTX debtors about the $5.5 billion discovered by admin
Fortune Star Digital Asset Fund Locks Over 85% of LFE Cash Tokens
Fortune Star Digital Asset Fund Locks Over 85% of LFE Cash Tokens This is a paid press release, which contains forward looking statements, and should be treated as advertising or
The next SEC chair must be named before US election — Tyler Winklevoss
Ciaran Lyons4 hours agoThe next SEC chair must be named before US election — Tyler WinklevossGemini co-founder Tyler Winklevoss argues that the cryptocurrency industry should not "tolerate any possibility of a rep
Premium on Grayscale’s GBTC Drops as Reports of New Trusts Emerge: Chinese Crypto Community Unhappy
Premium on Grayscale"s GBTC Drops as Reports of New Trusts Emerge: Chinese Crypto Community Unhappy Following the recent bitcoin price pullback, the latest Skew
GRN (G) Is Now Available for Trading on LBank Exchange
GRN (G) Is Now Available for Trading on LBank Exchange press release PRESS RELEASE. INTERNET CITY, DUBAI, Jun. 24, 2022 – LBank Exchange, a global digital asset trading platf
Traders: Bitcoin price needs “fresh all-time highs” to end pump-and-dump cycles
Nancy Lubale6 hours agoTraders: Bitcoin price needs “fresh all-time highs” to end pump-and-dump cyclesBitcoin price requires high demand side liquidity to push the price out of a long-lasting consolidation.4166 Total
Bitmain Retains Only a ‘Minuscule Lead’ Over Competitor Microbt Amid Ongoing Power Tussle, Says Report
Bitmain Retains Only a "Minuscule Lead" Over Competitor Microbt Amid Ongoing Power Tussle, Says ReportBitcoin mining hardware maker Bitmain still has a “minuscule lead”
Savannah Fortis9 hours agoFriend​.tech offers login removal solutions after SIM-swap reportsFriend.tech has enabled features for users to add and remove login methods on personal accounts after SIM swaps gave hackers a
How Luma AI turns crypto memes into viral videos
Savannah Fortis10 hours agoHow Luma AI turns crypto memes into viral videosThe trending Luma AI Dream Machine, which turns stagnant memes into moving videos, has reached the crypto community and even inspired similar cry
Biggest Movers: DOGE, ADA Move to Multi-Week Highs on Wednesday
Biggest Movers: DOGE, ADA Move to Multi-Week Highs on Wednesday Dogecoin rose by over 10% in today’s session, as the meme coin closed in on its highest point in almost one m
LBank Exchange Will List Dexioprotocol (DEXI) on November 27, 2021
LBank Exchange Will List Dexioprotocol (DEXI) on November 27, 2021 press release PRESS RELEASE. INTERNET CITY, DUBAI, Nov. 25, 2021 – LBank Exchange, a global digital asset t