After the Nepal Telecommunication Authority instructed to block access to websites, apps and online networks where illegal transactions are conducted, including cryptocurrency and bitcoin, the virtual currency has started to be debated again in Nepal.
It is mentioned in the instructions of the authority that the business done through digital technology including virtual currency and network marketing has been increasing in Nepal recently.
All internet service providers to prevent the use, operation and management of virtual media including cryptocurrency, bitcoin, hyper-networking, online gambling and other illegal activities and financial crimes within Nepal and to prevent access to such websites, apps or online networks. Instructions have been issued.”
Cryptocurrency is said to be completely banned in Bangladesh, China, Qatar, Morocco, Iraq, Egypt, Algeria and Tunisia, just like in Nepal.
According to the CoinDesk website, based on the Global Crypto Adoption Index of 2022, Nepal has been ranked 16th in the world in terms of cryptocurrency transactions. Countries like UK and Indonesia are below Nepal.
This indicates that there is a lot of cryptocurrency-related activity in Nepal, even though it is restricted.
