Last Updated on April 27, 2022
Telecom regulator NTA is shutting down Crypto and hyper networking-related sites. The authority has also called on the public to inform if they are in knowledge of any apps, sites, or networks engaged in the illegal crypto trade.
Nepal Telecommunications Authority (NTA) has again warned against crypto-related activities. The telecom governing body reiterated on Monday that it will close websites relating to cryptocurrencies, hyper networking, bitcoin, etc.
Pointing to the rising number of activities in virtual currencies and network marketing, the authority said, it will disable and shut down all the sites and apps that are encouraging crypto trading, and anything related to it.
In recent months, the government has tightened the noose on virtual currencies with a series of warnings. Earlier, Nta had requested ISPs to clamp down on websites and disable apps that promoted blockchain-based cryptocurrencies.
Not to mention, the government has already outlawed mining, trading, and any activities that relate to cryptocurrencies. With the foreign reserve all-time low, and with the potential risk of an economic downfall, the government is leaving no stone unturned to keep cryptos at bay.
With the latest notice, Nta has requested the public not to engage in digital currencies and betting. If found, participants could face repercussions.
Besides, it has also requested citizens to inform the authority if they have any information about such sites app, and networks. Do read: Inter-Wallet Transfer Soon as NRB Calls for Interoperability
NTA threatens legal action
Transactions of illegal virtual currencies and network marketing are rising in Nepal. To curb such crypto, bitcoin, hyper networking, and online betting, it is restricting access or disabling sites, apps, and online networks. Such tools are not accepted for use, maintenance, and operation.”
Similarly, “Nta has urged citizens to inform the public of knowledge of any such websites, or apps via email,’ the notice reads.
It is noteworthy that the authority has clearly labeled engagement in virtual currencies ‘illegal’.
If anyone found guilty otherwise, such person would be subject to legal action as per the existing law, Nta warned. NTA has urged citizens to whistleblow it on any crypto trading by mail at info@nta.gov.np.
Check out: NTA Specifies Minimum Signal Level for Mobile Coverage
Government not withdrawing in barring crypto trade
While the government is discouraging anything with crypto, it is in plans to create a digital currency. On the other hand, India, despite a raging debate there too, has legalized cryptos. But there is a catch. The government has slapped a 30% tax on digital assets which further complicates enthusiasts trying to break into crypto trading.
Meanwhile, the government has further reiterated its aggressive tactics against virtual currencies. Due to the loss of forex, and worsening liquidity situation, the digital currency has come under heavy scrutiny in Nepal. And it’s unlikely to soften anytime soon. Also read: What is Bitcoin? Explained!
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