Nepal’s government has strictly banned any activity related to crypto since 2022. The government is strictly trying to circulate and advertise the module to prevent people from using crypto-related services. However, the crypto ban has not resulted in stopping the activities from happening.
Nepal Telecom Authority is trying to promote the agenda of a crypto ban in the country. The motive highly focuses on implementing the ideas so that the crypto-related activities can permanently be stopped. Regardless of how tough it is to implement the crypto ban, the government is trying to resist the services in the country.
Also Read: 8 Top Crypto Frauds That Caused Loss of Over $3 Billion!!
Nepal Telecom Authority Governs Crypto Ban Policy
The Nepal government is trying to irresistibly remove any sort of crypto-related activity from the country for a long time now. Now, the Nepal Telecommunications Authority has instructed Internet Service Providers (ISPs) to completely extract any crypto-related website, apps, and online networks related to crypto.
The crypto ban will also strictly imply that if anyone is suspected of investing in crypto or is connected with the blockchain regulatory by any means, they will have to face strict legal actions.
Nepal’s Telecom Regulator Issues Notice Ordering ISPs to ban crypto websites Key Takeaways
NTA has prohibited ISPs and email service providers from providing access to “websites, apps or online networks” related to crypto
Cryptocurrency transaction, crypto trading, and min… pic.twitter.com/oXcVRv9KXK
— Web3 Daily (@web3_247) January 10, 2023
On September 2021, the central bank of Nepal completely banned all activities related to crypto including crypto trading and mining. Later in April 2022, Nepal Telecommunication Authority sought information about people involved in any illegal activity such as crypto. The ISP and other service providers are strictly informed to follow the rules that would not entertain any activity related to crypto.
Nepal Crypto Ban Failure
Despite all these attempts of the Nepal Government regarding the crypto ban, the actions of people have proven that they won’t stop. The people of the country have been involved in malicious activity even after facing the severe consequences caused by crypto loss.
| Country | Overall Index Ranking | Cetralized Service Value (Received Ranking) | Retail Centralized Service Value (Received Ranking) | P2P exchange trade volume ranking | DeFi value received ranking | Retail DeFi value received ranking |
| Nepal | 16 | 17 | 17 | 19 | 34 | 41 |
| United Kingdom | 17 | 14 | 14 | 71 | 12 | 11 |
| Indonesia | 20 | 16 | 16 | 129 | 18 | 13 |
Nepal ranked 16th on the Global Crypto Adoption Index of 2022 conducted by Chainalyis. Nepal has ranked above the countries like the United Kingdom and Indonesia. Moreover, Nepal is one among the nine countries that have instituted an absolute crypto ban. The list of countries that participated alongside Nepal in the crypto ban includes- China, Bangladesh, Algeria, Egypt, Iraq, Morocco, Tunisia, and Qatar.
Also Read: Silvergate Suffers $8 Billion Loss in Crypto Assets!! Here’s why?