Nepal Telecommunications Authority has been directed to shut down all cryptocurrency trading websites. Bitcoin, hyper networking, online gambling websites and apps have been instructed to shut down.
The circular states that illegal activities such as online cryptocurrency, bitcoin, hyper networking, online gambling and other illegal activities websites will be banned or blacklisted so that the use, operation and management of virtual media will not be allowed in Nepal.
The Ministry of Information and Technology and the Ministry of Finance had written to the NTA saying that cryptocurrency, bitcoin and online gambling had increased economic crime.
According to a report released by Singapore’s Crypto Payment Gateway Triple A, 1.45 percent of the population in Nepal has cryptocurrency transactions.
According to a study of cryptocurrency users around the world, that number is 4,23,840 in Nepal.
Illegal crypto traders were repeatedly found in Nepal.
