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Nepal announces ban on crypto activities

Nepal

TL; DR Breakdown

  • Nepal clampdown on crypto activities
  • Authorities lament increased crypto crimes
  • Nepal shuts access to crypto websites

In the last few years, there have been regulations coming in hot in the crypto space across many countries. While some countries are striving to increase the adoption rate through rules, others are enforcing a stop on the sector. One such country that has ordered a ban on all crypto activities is Nepal. According to a recent report in the country, the telecommunications authority has branded digital assets as unlawful.

Authorities lament increased crypto crimes

The regulatory body that oversees the crypto sector in the country has released a memo warning the public against illegal activities. Outlining the actions that could be branded as illegal, the body mentioned crypto and gambling, among other activities. The NTA has also issued a warning of a possible legal action against anybody found wanting in that regard.

In line with the update, the central bank in Nepal has ordered a ban on activities related to buying and selling digital assets. The bank mentioned that the country had seen a spike in digital asset activities over the last few months. The assets could pose particular risks to the country, including fraud and other illegal activities. As a result, the body warns all investments and individuals to desist from using digital assets to facilitate any transactions, or they will face the music.

Nepal shuts access to crypto websites

This recent update is coming off the back of a current mandate by the information sector of the country to ban every access to all crypto websites. Currently, any website related to a company offering crypto or related services is inaccessible in the country. The directive was issued following a rise in the rate of economic crimes from that region in Nepal. After a full-scale investigation, the government ordered the NTA to cut access to these websites.

Also, there have been legal proceedings against individuals adjudged to be found wanting in their dealings before the crypto ban was put in place. According to several reports, digital assets were banned in the country following most residents moving to facilitate their transactions in digital assets instead of the native currency of Nepal. Due to this, the inflow has been on a high regression rate in the last few months. However, the central bank and the NTA are still on the stand that the assets are banned due to the full-scale scam in the country. Residents are now on high alert as most intend to sell their digital assets holdings.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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