Nepal Issues a Warning and Blocks Crypto Gambling and Other Apps
The government of Nepal's technology regulator has issued a warning to the public that engaging in illicit activities, particularly those involving cryptocurrencies, Bitcoin, and gambling, will result in legal penalties.
Nepal Rastra, NTA, and Nepal's Central Bank issued an official instruction prohibiting selling and acquiring cryptocurrencies.
Given that transactions involving digital assets are allegedly on the rise in Nepal, the Central Bank has stated that the risks of fraud and unlawful money inflow are the critical reasons for such a move.
According to the NTA, all crypto-related activities are prohibited from being used, operated, or managed.
The regulator further stated,
"If anyone is found to be doing such activities, action will be taken according to the prevailing law."
Ministry of Communications and Information Technology Ordered to Shut Down Crypto Trading Websites
The NTA followed through on a decision from the Ministry of Communications and Information Technology to shut down all crypto-related websites in March. All such websites are currently disabled and blocked.
This directive was implemented after Nepalese authorities allegedly discovered more economic crimes.
NTA's deputy director, Surya Prasad Lamichhane, has stated,
"The government has directed [us] to shut down the apps after carrying out an investigation."
The Nepalese Central Investigation Bureau (CIB) has arrested a few people involved in cryptocurrency operations and initiated legal action against them.
