Nepal Shuts Down Crypto Websites, Apps — Warns About Engaging in Crypto Activities

https://motleybloggers.com/wp-content/uploads/2022/04/nepal-shuts-down-crypto-websites-apps-warns-about-engaging-in-crypto-activities.jpg

Nepal Shuts Down Crypto Websites, Apps — Warns About Engaging in Crypto Activities

The Nepal Telecommunications Authority has issued a warning that crypto activities are illegal. The regulator emphasized that websites, apps, and online networks related to crypto activities are prohibited to be used, operated, or managed within the country.

Nepalese Regulator’s Crypto Warning

Nepal’s regulator of the technology sector, the Nepal Telecommunications Authority (NTA), issued a notice Monday warning the public about engaging in illegal activities, specifically naming cryptocurrency, bitcoin, and online gambling.

Noting that transactions using digital technologies, such as cryptocurrency, have been on the rise in Nepal, the NTA stressed that websites, apps, and online networks related to crypto activities are prohibited to be used, operated, or managed within the country.

The regulator proceeded to warn the public that activities involving cryptocurrencies, including bitcoin, are “illegal and criminal,” elaborating:

If anyone is found to be doing or have done such activities, action will be taken according to the prevailing law.

In March, at the request of the country’s Ministry of Communications and Information Technology, the NTA directed internet service providers (ISPs) to shut down all crypto trading websites and apps. They are now disabled and blacklisted, the regulator stressed.

The ministry reportedly told the NTA that the trading of cryptocurrencies, including bitcoin, has increased economic crime in the country.

Surya Prasad Lamichhane, NTA’s deputy director, was quoted as saying:

The government has directed [us] to shut down the apps after carrying out an investigation.

The Central Investigation Bureau (CIB) of Nepal Police has also arrested and taken action against some people carrying out crypto business.

The Nepal Rastra Bank, the country’s central bank, issued a directive earlier this year banning all Nepali nationals and non-nationals living in the country from buying and investing in cryptocurrencies. The central bank cited increased fraud risk and illegal outflow of domestic capital as the key reasons.

The Nepalese central bank explained on its website:

Cryptocurrencies including bitcoin cannot be traded in Nepal. Doing so is illegal.

What do you think about Nepal shutting down crypto websites and apps? Let us know in the comments section below.

Origina post from
https://motleybloggers.com/nepal-shuts-down-crypto-websites-apps-warns-about-engaging-in-crypto-activities/

Comments

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionary, Daniel Pinchbeck, pointed out a

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this report, we relis

‘Bitcoin Is Dead’ Google Searches Skyrocket, Bitcoin Obituaries Records 15 Deaths This Year

https://motleybloggers.com/wp-content/uploads/2022/06/bitcoin-is-dead-google-searches-skyrocket-bitcoin-obituaries-records-15-deaths-this-year.jpg According to the Bitcoin Obituaries list, bitcoin has died 15 times in 2022, and the last obituary written about bitcoin’s death was on June 18, in a recent statement that said: “Bitcoin Will Not Recover.” Interestingly, Google Trends data shows that the search phrase “bitcoin is dead,” is estimated to hit an all-time high this week. The Old Saying ‘Bitcoin Is Dead’ Comes Back to Life In recent times, you may have heard the phrase “bitcoin is dead,” or something similar. A great number of people truly believe that bitcoin is dead while many believe the crypto asset is the future of money. The past two weeks have been gruesome for bitcoin as prices dropped to a low of $17,593 per unit. The analytics company Glassnode shows the losses during the last three days have been massive. “The last three consecutive days have been the largest USD deno

motleybloggers

Search This Blog