Cryptocurrency Adoption in Nepal Grows Despite Ban
The adoption of cryptocurrency in Nepal has continues to grow despite government taken more action to obstruct cryptocurrency-related operations in the country.
The Nepalese Telecommunications Authority issued a warning on January 8 ordering all internet service providers (ISP) to refrain from running and maintaining “websites, apps, or online networks” that are associated to cryptocurrencies.
However, despite the restriction, Nepal is ahead of countries like the United Kingdom and Indonesia on Chainalysis’ 2022 Global Crypto Adoption Index, where it is rated 16th.
Recall that Nepal national bank outlawed cryptocurrency trade and mining in September 2021.
The Nepali telecommunications authorities asked the general public for information in April 2022 about anyone engaging in prohibited activities, such as bitcoin.
In the most recent warning, ISPs and email service providers are threatened with legal action if any cryptocurrency-related behaviour occurs on their platforms.
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According to the letter, unlawful virtual currency transactions in the country “are increasing in recent days.”
The notification stated that virtual currency transactions which are illegal in the nation “are increasing in recent days.”
Nepal is one of nine countries along with China, Algeria, Bangladesh, Egypt, Iraq, Morocco, Qatar, and Tunisia to have instituted an absolute bans on crypto, according to a report by the Library of Congress.
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