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Nepal Issues a Warning and Blocks Crypto Gambling and Other Apps

Nepal Issues a Warning and Blocks Crypto Gambling and Other Apps


Cryptoknowmics
2022-04-29 10:42:35
Nepal Issues a Warning and Blocks Crypto Gambling and Other Apps

The Nepal Telecommunications Authority (NTA) has declared that cryptocurrencies and cryptocurrency-related activities are illegal in Nepal. The government of Nepal’s technology regulator has issued a warning to the public that engaging in illicit activities, particularly those involving cryptocurrencies, Bitcoin, and gambling, will result in legal penalties. #AltcoinNews #Cryptoban #Nepal Nepal Issues Warning; Shuts Access To Crypto Gambling And Other Apps https://t.co/c04nj15l4C – https://t.co/HzksZFXjrd pic.twitter.com/ArKOAeKYsK — dumbwire CryptoNews 📟 (@dumbwire) April 29, 2022 Nepal Rastra, NTA, and Nepal’s Central Bank issued an official instruction prohibiting selling and acquiring cryptocurrencies. Given that transactions involving digital assets are allegedly on the rise in Nepal, the Central Bank has stated that the risks of fraud and unlawful money inflow are the critical reasons for such a move. According to the NTA, all crypto-related activities are prohibited from being used, operated, or managed. The regulator further stated, “If anyone is found to be doing such activities, action will be taken according to the prevailing law.” Ministry of Communications and Information Technology Ordered to Shut Down Crypto Trading Websites The NTA followed through on a decision from the Ministry of Communications and Information Technology to shut down all crypto-related websites in March. All such websites are currently disa...

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