Nepal Bans Cryptocurrency Services, Threatens Legal Action

• Nepal’s telco regulators have ordered internet service providers to ban all cryptocurrency-related services.
• The Nepal Telecommunication Authority (NTA) has threatened to take legal action against any entity that does not follow the orders.
• Early last year, the Nepal telecommunications authority urged the public to inform them of anybody who has been participating in any illegal activities that are in any way connected to the cryptocurrency industry.

Nepal’s telecommunications authority, the Nepal Telecommunication Authority (NTA) has recently released a notification ordering internet service providers to ban all cryptocurrency-related services. The notification was released on January 8th, 2021 and has been met with a range of reactions both from within the nation and internationally.

Nepal’s stance on cryptocurrencies has been negative since 2021 when the nation first imposed a ban on all crypto-related activities. With the recent notification, the NTA is aiming to further reinforce the ban and has warned that legal action will be taken against any entity that does not follow the orders.

Early last year, the Nepal telecommunications authority had urged the public to inform them of anybody who has been participating in any illegal activities related to the cryptocurrency industry. The NTA had also asked for information “related to the name of such a website, app, or online network.”

With the latest notification, the NTA has made it clear that users do not have access to any websites, apps, or online networks connected to the crypto industry or trading. The notification notes that, despite the ban, there has been a considerable increase in the trading of virtual digital currencies in the past few months.

In order to discourage such activities, the NTA has warned that legal action will be taken against anyone found to have violated the ban in any way. This includes those who have been participating in any illegal activities that are in any way connected to the cryptocurrency industry.

The release of the notification has been met with mixed reactions from the public. While some support the move, others argue that the ban is a violation of freedom of expression and that it further reinforces the nation’s negative stance on the crypto industry.

Despite the criticism, the Nepal telecommunications authority has made it clear that it intends to enforce the ban and will not tolerate any violations. The NTA has also urged the public to inform them of any illegal activities related to the crypto industry, setting out clear punishments for those who are found to have violated the ban.

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