Nepal has asked all ISPs to ban access to cryptocurrency-related websites. Will the country succeed in implementing the crypto ban?
The Nepalese authorities have vowed to toughen their stance against cryptocurrencies. Last year in April, the The Telecommunication Authority of Nepal (TPA) warned against the use of crypto instruments that are not legally recognized in the country.
In 2022, the Central Investigation Bureau (CIB) of the Nepal Police will also reportedly people arrested involved in the crypto sector. in a recent noticeThe government reiterated the 2022 ban and ordered Internet Service Providers (ISPs) to prevent the use of cryptocurrency websites.
Nepal orders ISPs to block access to cryptocurrency websites
Despite last year's crypto ban, adoption was increasing in Nepal. The nation was ranked 16th in a Chainalysis report in the Global Crypto Adoption Index 2022.
The Nepalese government considered the growing adoption and thus further tightened the ban by instructing ISPs to block access to cryptocurrency-related websites. The government has warned of actions against those who do not comply with the instructions.
The Nepal notice translates as: โThe Nepal Telecommunication Authority has issued instructions to all Internet service providers (including email) to prevent the use, operation and management of virtual media, including networks in line within Nepal, and to make arrangements to prevent access. to such websites, applications or online networksโ.
Secondly, The central bank of Nepal is exploring Launch of a CBDC.
Can governments implement the crypto ban?
Over time, various countries such as Nigeria, China, Qatar, Bangladesh, etc. have banned cryptocurrencies in one way or another. But are governments capable of containing the ban?
YouTuber Coin Bureau believes that Nepal will have a hard time โlocking upโ cryptocurrencies.
Since 2017, China has made multiple attempts to ban cryptocurrencies, but it has one of the largest cryptocurrency holdings in the world. Maximilian Mai, co-founder of BerlinDAO, believe that cryptocurrencies are popular in China due to a repressive government, strict capital controls, and massive state surveillance.
Also, the Central Bank of Nigeria (CBN) forbidden banks to facilitate cryptocurrency exchange or serve cryptocurrency users in 2021. However, CBN was unable to contain the cryptocurrency ban and remained popular among Nigerian citizens. Now Nigeria is looking forward to regulating cryptocurrency to flow with global economic innovations.
According to a Bloomberg opinion font, China, and Nigeria have the second and third highest crypto transactions in the world, respectively. China has 93.1 million and Nigeria has 63.8 million people who use cryptocurrency despite the ban.
Considering these high uses despite the crypto ban, the community jokes"If you want to promote the use of crypto in your country, ban it."
Do you have something to say about the cryptocurrency ban or something else? Write to us or join the discussion on our telegram channel. you can catch us too Tik Tok, Facebookeither Twitter.
For the latest from BeInCrypto Bitcoin (BTC) analysis, Click here.
Disclaimer
BeInCrypto has reached out to the company or person involved in the story for an official statement on recent developments, but has yet to hear back.
