The Nepal Telecommunications Authority (NTA) has shut down online gambling, crypto sites and apps, Bitcoin and hyper networking to control illegal online economic activities.
As per the local media, the authority has put it out strictly that such online sites and apps have been blacklisted and are not permitted to be ‘used, operated and managed’ in Nepal.
The regulatory body has also asked people to provide information about such online activities and applications through email. The watchdog has warned of legal action in case anyone is found involved in such practices.
The Nepalese Central Bank explained on its website, “Cryptocurrencies including bitcoin cannot be traded in Nepal. Doing so is illegal.”
The decision to suspend the website and apps comes after it was found that many Nepalis residing in the country and abroad are involved in illegal transactions like crypto, hyper-fund and networking.
As per the authorities, Nepalis living abroad are rapidly investing in ‘illegal networking businesses’ such as crypto and hyper-funds, the money inflow has been declining. This has led to the decline of flow of remittances in the country.
The NTA claimed that transactions via digital technologies such as virtual currencies, networking marketing and online gambling using many crypto sites and apps are rising constantly. However, these technologies are not legally recognized as monetary instruments in Nepal.
The regulator has strictly said that it will control transactions including illegal cryptocurrency.
Also read: India to take a considered view on Crypto: Indian FM
In view of these regulations, the Central Investigation Bureau (CIB) of Nepal Police has arrested individuals involved in crypto business and has taken action against them.
The NTA had been continuously looking over various technical aspects of illegal online gambling cases including identifying and tracking such sites.
