Nepal cracks down on crypto websites

The Nepal Telecommunications Authority (NTA) has undertaken an ambitious move to suspend what it believes are illegal crypto and gambling websites in the country.

The country and regulator are acting on tips that an increasing number of Nepalese citizens who live abroad or in the country are turning to alternative finances that are often tied to suspicious activities instead of using a fiat currency to support the economy.

Nepal also currently does not allow any crypto or gambling website to operate legally in the country, which has prompted the regulator to seek a response to the increased use of such options. Nepal also issued a stern warning to any citizen that is complicit with the running of such operations.

“If anyone is found to be doing or have done such activities, action will be taken according to the prevailing law”, a statement by the regulator read.

Nepal will rely on IP bans to limit the access of ordinary Nepalese citizens to prohibited content with the NTA requesting from ISPs to directly block blacklisted website.

Meanwhile, the Central Investigation Bureau of Nepal Police has already acted and arrested people associated with the illegal running of cryptocurrency businesses in the country.

To add to this anti-crypto sentiment, the country’s central bank has prohibited nationals from purchasing cryptocurrencies or investing in them.

This has not stopped Nepalese from participating in crypto trades, hence the stricter response from the central government. The NTA will go site-by-site to ensure that locals are not able to connect with such websites.

In the meantime, for those of you outside of Nepal, you may spend your time using cryptocurrency recreationally at 1xBit, FortuneJack or Bitcasino.io.

Source

Updated: 04/29/2022 — 11:00