Internet service providers (ISPs) in Nepal may soon restrict access to all websites and apps associated with illegal cryptocurrency, pyramid schemes, and online gambling.
On March 14, 2022, Nepal Telecommunications Authority, the country’s telecom regulator, issued a circular to all ISPs in Nepal. The circular requested that they block access to all virtual platforms associated with cryptocurrency, including Bitcoin, illegal Ponzi marketing schemes such as Hyper Funds, online betting, and any other financial crime-related websites or apps.
The circular stated that it was issued in response to a decision by the Ministry of Finance of Nepal.
All transactions involving cryptocurrency, Ponzi schemes such as Hyper Funds, or betting are illegal in Nepal. According to Nepal Rastra Bank Act, 2058, offenders can face up to three years in prison or a fine of up to three times the value of the property, or both.
In February 2022, the Central Investigation Bureau (CIB) of Nepal Police also issued a press release, warning against engaging in such illegal activities. Earlier that month, Nepal Rastra Bank, the country’s central bank, also issued an educational notice on cryptocurrency and network marketing in an effort to improve financial literacy.
READ NEXT: Foreign Visa Cardholders Can Now Use Fonepay QR to Pay Digitally in Nepal
-
TVS iQube with a 2.2 kWh Battery Launched in Nepal at Rs. 2.99 Lakh!HIGHLIGHTS TVS iQube price in Nepal starts at Rs. 3 Lakhs to Rs. 4.30 Lakhs.…
-
JMEV GSE Elight EV: An Affordable Electric Sedan Coming Soon to NepalHIGHLIGHTS JMEV GSE Elight EV price in Nepal is expected to be around Rs. 54…
-
Riddara RD6 – A High-Performance Electric Pickup Truck Launched in Nepal!HIGHLIGHTS Riddara RD6 price in Nepal is Rs. 65 Lakhs It is an all-electric mid-size…
