The authorities from Nepal decided to impose another big ban on cryptocurrencies so that citizens can’t access any Crypto website in the country.
Nepal is a developing country. This country is weak in the economy & majorly depends upon India and these things are degrading the country’s interest in technology adoption. Since the beginning, Nepal showed negative stances over the Crypto & blockchain sector. In Sep 2021, Nepal’s Central Bank imposed a Crypto ban, which includes trading & mining ban.
Recently, The authorities from Nepal ordered all Internet service providers (ISPs) to impose a ban on all Cryptocurrencies related websites, so that no one citizen can access Crypto related websites.
Under existing Nepal Crypto ban provisions no one Crypto exchange can provide Crypto services to the citizens of Nepal but still, there are a few websites that are not following the order.
But the latest move will surely have a very big impact on the Nepali citizens to access this market because this new Crypto ban decision will prohibit the citizens to access Decentralised Finance (Defi) services, where crypto Investors & traders don’t need to provide KYC documents.
Earlier this, Nepal ordered all the online services providers including email service provider companies to not provide any kind of crypto-related services and also to prohibit crypto-related activities on their corresponding platform.
It is interesting to note that despite the Crypto ban in Nepal, Nepal has ranked 16th in Chainalysis’s 2022 Global Crypto Adoption Index. Reports noted that the majority of citizens use VPN to bypass the government Crypto ban restrictions.
Last year a few reports noted that several Nepali citizens take help from their relatives, who are living in India or other Crypto friendly countries, to invest money in Crypto assets. At that time experts noted that Nepal had very limited numbers of technical resources to regulate/ban the Crypto sector.