Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
Nepal has asked ISPs and email providers to expressly shut down everything that could propagate crypto in any way.
Nepal has taken another major step to ensure that crypto and blockchain technology does not see the light of day within its jurisdiction. To this end, Nepal’s Telecommunications Authority has ordered that internet service providers (ISPs) must immediately clamp down on all crypto-related activities on the internet.
Per the instruction, the regulator asked the ISPs to expressly shut down everything that could propagate crypto in any way. That includes every crypto-based app, website, and even online network.
Nepal Keen on Shutting Down Crypto Permanently
It is worth mentioning that the latest move is only further proof of the country’s not-so-friendly stance on crypto.
Recall that in September 2021, the apex bank of the country banned all crypto-based activities including mining and trading. And to ensure that the ban is effective enough, Nepal began asking the public for information about anyone still carrying out illegalities by April 2022. For what it’s worth, cryptocurrency became one such “illegal activity” after its earlier ban.
Meanwhile, the latest instruction also threatens legal actions against any ISPs or email service providers found wanting in the area of compliance. Therefore, all such platforms that are involved are expected to ensure that no crypto-related activities take place on their platforms.
Threat to Crypto Adoption?
Without a doubt, Nepal stands among the top 10 countries that are known to be very skeptical of crypto. These countries, including China, Algeria, Morocco, and others placed an outright ban on all things crypto. However, the ban appears not to be as effective as expected thus far. Especially in Nepal.
Despite Nepal’s best efforts to curb crypto-related activities, it seems they are actually on the rise. According to Chainalysis’ Global Crypto Adoption Index for 2022, Nepal came up 16th, ahead of the UK, and Indonesia.
In the recent instruction issued to ISPs, Nepal also attested to this, claiming that virtual currency transactions have been “increasing in recent days.”
Without a doubt, Nepal gives a point of argument to those that will say that there is no stopping the global adoption of crypto. At least, for now. However, it remains to be seen whether or not, the new policy will significantly impact adoption in the country.