The NTA issued a similar cautionary alert on cryptocurrency websites in April 2022.
The country’s internet service providers (ISPs) have been ordered by Nepal’s telecom regulator to block all cryptocurrency trading websites. According to Cointelegraph, people who refuse to cooperate are expected to face legal repercussions.
The Nepal Telecommunication Authority has ordered ISPs and email service providers to halt access to “websites, applications, or internet networks” pertaining to cryptocurrencies with a notification dated January 8, 2023, according to Cointelegraph. The portal emphasized that cryptocurrency transactions are illegal in the nation and noted that they “are rising in recent days [translated].”
According to Cointelegraph, Nepal Rastra Bank (NRB), the nation’s central bank, declared cryptocurrency mining and trading to be unlawful in a notification released in September 2021. The NTA issued a similar warning against crypto websites in April 2022. If someone has information “relevant to the name of such website, app, or online network,” they are reportedly requested to contact the regulator.
Additionally, Cointelegraph pointed out that Nepal surpassed the United Kingdom to claim the 16th spot among the world’s top 20 markets for cryptocurrency adoption. According to a Law Library of Congress article from November 2021, Nepal is one of nine nations that have made cryptocurrency illegal.
The NTA issued similar cautions regarding bitcoin websites in April. If anyone had any information “related to the name of such website, app, or online network,” they were advised to get in touch with the agency.
The April letter threatened legal action if “anyone is found to have done or been doing” cryptocurrency-related conduct, despite the fact that it did not call for a restriction on access to crypto services at the time.
Despite the fact that the country forbids the use of cryptocurrencies, a study released in September by the blockchain analytics firm Chainalysis indicated emerging countries—including Nepal—are setting the pace for adoption.
