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A notice from the national telecom regulator reiterates the Bitcoin ban imposed by the Nepalese government earlier this year.
Nepal, the South Asian country known for being the birthplace of the world’s tallest mountain, Everest, is blocking cryptocurrency websites and apps in a move to strengthen its prohibition of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. .
The Nepal Telecommunication Authority (NTA) issued an advisory this week warning the public that engaging in cryptocurrency-related activities is considered illegal in the country. The news outlet News . Bitcoin he said, citing local agencies.
According to the report, the regulator specifically named the prohibition dealing with the use of Bitcoin and other digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies, as well as online gambling. In that regard, the NTA emphasized that websites, apps and online networks related to cryptocurrency activities are banned from either operating or managing within the country.
The Nepali agency, which noted in the notice that the country has seen an increase in transactions involving digital assets, called the activities involving such assets a “ illegal and criminal “ . He also warned that those who get involved with cryptocurrencies could face legal consequences, which, according to some reports, could include severe penalties such as imprisonment.
Si se descubre que alguien está realizando o ha realizado tales actividades, se actuará de acuerdo con la ley vigente.
Cryptocurrencies are banned in Nepal
The notice follows an earlier nationwide blocking measure for cryptocurrency-related websites. According to that media outlet, NTA in March ordered internet service providers (ISPs) to shut down all cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. trading websites and applications . The move was in response to a higher order from the Ministry of Communications and Information Technology of Nepal.
At the time, the ministry cited a government investigation that found that trading in digital currencies like Bitcoin was linked to the increase in economic crime in the country. “ The government [has] ordered us to shut down the applications after conducting an investigation.” NTA deputy director Surya Prasad Lamichhane said in March.
The latest moves reiterate the strict prohibitive measures lifted by the Nepalese government earlier this year. In January, Nepal Rastra Bank, the country’s central bank, issued a ban for cryptocurrency trading. The measure extends to both Nepali citizens and non-nationals and restricts the purchase, investment and use of such assets.
In the same vein as the other reports, the central bank cited at the time the increased risk of fraud and illegal outflows of domestic capital capital is most commonly defined as the large sum of money you would use to invest. as the key reasons. The entity noted on its official website:
Cryptocurrencies, including Bitcoin, cannot be traded in Nepal. Doing so is illegal.
The national order puts Nepal on the list of countries that have banned cryptocurrencies. Its neighbor, China, imposed one of the biggest bans on the sector last year, and other nations such as Tunisia, Egypt and Iraq have also restricted the use of digital assets.
- Number of countries that have banned cryptocurrencies doubled in 3 years
- China’s Communist Party expelled official for violating cryptocurrency ban
- India is on the road to cryptocurrency regulation, not prohibition
Article by Hannah Estefania Perez / DiarioBitcoin
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