Cryptocurrency and Hyper Fund websites banned in Nepal, NTA seeks details
Unauthorized internet e-commerce is now under the authority of the Nepal Telecommunication Authority(NTA), a government agency that oversees the telecommunications and technology industries.
Websites and apps related to virtual money (cryptocurrency), hyper networking, and online gambling have all been taken down by the Telecommunications Authority.
Apps like these have been placed on a “blacklist” by the appropriate authorities because they are not permitted to be used, operated, or administered in Nepal. NTA has also requested to provide information about such online and app.
Activities such as cryptocurrencies, bitcoin, hyper-fund, networking online, and online gambling through online technology and virtual media are all prohibited and linked to financial crime, according to the NTA.
The Nepal Telecommunication Authority (NTA) has warned that anyone who engage in illegal activities will face severe consequences. Having discovered that many Nepalis, both at home and abroad, were engaging in illicit activities like crypto, hyperfund, and networking, the government has made the decision to shut down the websites and apps used to monitor and regulate those individuals.
Remittances from Nepalis residing abroad have decreased as they’ve expanded their involvement in unlawful networking firms like crypto and hyper-funds. Remittances have decreased in recent months.
The use of digital technologies like virtual currency and online gambling, which are not recognized by the Nepali government as monetary instruments is on the rise. There is no doubt that the Nepal Telecommunication Authority intends to assist in the regulation of all transactions, including illicit crypto.
Communication is key when it comes to cryptocurrency investment and trading. Telecommunications companies and internet service providers can provide sensitive information to NTA for use by the Ministry of Finance, the Nepal Rastra Bank, and the Revenue Research Departments. NTA will be able to store information about transactions that are carried out using these technology.
Similarly, the Nepal Police’s Central Investigation Bureau (CIB) has detained and taken action against several people involved in the crypto business.
In the past, the government has assisted in detecting and tracking illicit internet gambling sites, as well as assisting in other technical elements.