NTA to Shut Down Crypto, And Hyper Networking Sites In Nepal

The NTA is about to shut down Crypto and hyper networking-related websites in Nepal. The government requests the public to report any apps, sites, or networks that involve the unlawful crypto trade.
Furthermore, the authority states to disable and shut down all sites and apps that encourage crypto trading and anything related to it. Along with citing the expanding number of operations in virtual currencies and network marketing.

NTA to shut down crypto trade

A series of warnings issued in recent months. And, the government has tightened its grip on virtual currencies. NTA had previously asked ISPs to restrict websites and apps that promoted blockchain-based coins.

Not to add that the government has already made mining, trading, and any other cryptocurrency-related operations illegal. The foreign reserve is at an all-time low. Also, the threat of an economic downturn is looming. Hence, the government is doing everything it can to keep cryptos at bay in Nepal.

Moreover, NTA issued a new alert requesting that the public refrain from using crypto currencies or betting in Nepal. Participants may suffer sanctions if found.

Furthermore, citizens have been asked to notify the authorities if they have any knowledge of such websites, apps, or networks.

NTA to pose legal action

In Nepal, unlawful virtual currency transactions and network marketing are on the rise. It is blocking access to or disabling sites, apps, and internet networks to combat crypto, bitcoin, hyper networking, and online betting. Such tools are not permitted for use, maintenance, or operation.”
Similarly, “Nta has invited individuals to notify the public of any such websites or apps via email,” according to the warning.

Also, the government has clearly labeled participation in virtual currency as ‘illegal.’
Nta cautioned that anyone found guilty in any other way will face legal action in accordance with the law. The NTA has advised individuals to report any cryptocurrency trade to [email protected]

Government to Barr Crypto Trade

The government is not backing down from its position of prohibiting cryptocurrency trading.
While the government is opposing crypto, it is planning to develop its own digital money. India, on the other hand, has authorized cryptos despite a hot dispute. However, there is a catch. The government has imposed a 30% tax on digital assets, making it even more difficult for crypto traders to get started.

Meanwhile, the government has reaffirmed its strong anti-virtual-currency policies. The digital currency has come under examination in Nepal as a result of the loss of Forex and worsening liquidity conditions. And it’s not going to get any easier any time soon.

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