NTA shuts down crypto and hypernet sites

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Telecommunications regulator NTA shuts down sites related to cryptography and hypernetwork. The authority also called on the public to inform if they are aware of any apps, sites or networks engaged in illegal crypto trading.

The Nepal Telecommunications Authority (NTA) has again warned against crypto-related activities. The telecommunications governing body reiterated on Monday that it will shut down websites related to cryptocurrencies, hypergrid, bitcoin, etc.

Highlighting the growing number of activities in virtual currencies and network marketing, the authority said it will disable and shut down all sites and apps that promote crypto trading, and anything related to it.

In recent months, the government has tightened the noose on virtual currencies with a series of warnings. Previously, Nta asked ISPs to crack down on websites and disable apps that promote blockchain-based cryptocurrencies.

Not to mention that the government has already banned mining, trading and all activities related to cryptocurrencies. With the foreign exchange reserve at rock bottom and with the potential risk of an economic downfall, the government is leaving no stone unturned to keep cryptos at bay.

With the latest advisory, Nta asked the public not to engage in digital currencies and betting. If discovered, participants could suffer repercussions.

In addition, he also asked citizens to inform the authority if they have information about these sites, applications and networks. Read: Inter-portfolio transfer as soon as NRB calls for interoperability

Illegal virtual currency transactions and network marketing are increasing in Nepal. To limit these crypto, bitcoin, hypernets and online bets, it restricts access or disables online sites, apps and networks. These tools are not accepted for use, maintenance and operation. »

Likewise, “Nta urged citizens to notify the public of knowledge of such websites or applications via email,” the notice reads.

It should be noted that the authority has clearly labeled as “illegal” the engagement in virtual currencies.

If someone was found guilty in any other way, that person would be subject to legal action according to applicable law, Nta warned. NTA has urged citizens to report it on any crypto trading by mail to [email protected].

Departure: NTA specifies the minimum signal level for mobile coverage

Government not backing down to ban crypto trading

As the government discourages anything involving crypto, it is planning to create a digital currency. On the other hand, India, despite a raging debate there too, has legalized cryptos. But there is a catch. The government has imposed a 30% tax on digital assets, further complicating enthusiasts trying to break into the crypto business.

Meanwhile, the government has again reiterated its aggressive tactics against virtual currencies. Due to currency loss and worsening liquidity situation, digital currency has come under intense scrutiny in Nepal. And he is unlikely to soften anytime soon. Also Read: What is Bitcoin? Explain!

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