Nepal’s Government Bans Crypto and Blockchain Technology

1. Nepal’s Telecommunications Authority has ordered ISPs to shut down all crypto-related activities on the internet.
2. This is the latest move in the country’s not-so-friendly stance on crypto, which includes a ban on mining and trading and asking the public for information about anyone still engaging in illegal activities.
3. The order insists that any form of propagation of crypto must be shut down, including all crypto-based apps, websites, and online networks.

The Nepalese government has recently issued a new policy to further its crackdown on cryptocurrency and blockchain technology. The Telecommunications Authority, the country’s apex body for regulating telecommunications, has ordered all Internet Service Providers (ISPs) to shut down all activities related to crypto. The order insists that any form of propagation of crypto must be shut down, including all crypto-based apps, websites, and online networks.

This latest move demonstrates the government’s firm stance against crypto and blockchain technology, as it had already banned all crypto-related activities, including mining and trading back in September 2021. To ensure that the ban is effective, the government went even further by requesting the public to provide information about anyone still engaging in illegal activities by April 2022.

The government’s determination to ban cryptocurrency and blockchain technology is clear, as it has issued several regulations to this end. In addition to the ban on mining and trading, the government has imposed a number of taxes on cryptocurrencies and exchanges. It has also put in place stringent KYC requirements for exchanges and exchanges, as well as restrictions on international payments.

The government’s efforts to clamp down on crypto and blockchain technology have not gone unnoticed. Several international bodies, including the European Commission, the G20, and the International Monetary Fund, have voiced their concern over the government’s actions. They have urged the government to take a more balanced approach and to focus on promoting the responsible use of crypto and blockchain technology.

The Nepalese government’s decision to clamp down on crypto and blockchain technology has been met with criticism from the country’s citizens, who are concerned that the ban will stifle innovation and hurt the economy. Despite the criticism, the government appears determined to keep crypto and blockchain technology out of the country. For now, it looks like the government’s latest policy will be successful in preventing the propagation of crypto and blockchain technology in the country.