Nepal has taken an additional significant step to ensure that the technology of crypto currencies and blockchains will not be implemented anywhere within its borders. To this purpose, the Nepalese Telecommunications Authority has issued an order mandating that all internet service providers (ISPs) immediately stop any activity related to crypto currencies that take place on the internet.
Per mandate (1), the regulatory body requested that the ISPs completely shut down anything that could propagate crypto in any way. This encompasses every application, website, and even online network that uses cryptography.
Nepal Serious About Putting an End to Crypto currency
It is important to stress that this most recent action is merely evidence of the country's unfriendly stance towards Crypto currency.
You may recall that the country's central bank issued an order in September 2021 prohibiting any activity related to crypto currencies, including trading and mining. And to guarantee that the prohibition has sufficient force, Nepal started polling the general people in April of 2022 to find out who, if anyone, was still engaging in unlawful activities. After the initial prohibition, the use of cryptocurrencies evolved into a category considered unlawful behavior.
In the meantime, the most recent instruction includes a clause that threatens legal action against any Internet service providers or email service providers that are found to be non-compliant. As a result, any platforms of this kind are expected to take measures to guarantee that crypto-related activities do not take place on their respective platforms.
Threat to the Adoption of Crypto currency?
Without a doubt, Nepal is one of the top 10 nations widely recognized for having a deep-seated mistrust of crypto. These nations, including China, Algeria, Morocco, and others, have imposed a complete ban on cryptocurrencies and everything related. Nonetheless, it would appear that the prohibition is not having the intended level of success thus far, especially in the country of Nepal.
Despite Nepal's best efforts to prevent activities related to cryptocurrencies, these activities are growing. Chainalysis' Global Crypto Adoption Index for 2022 placed (2) Nepal in 16th place, placing it ahead of both the United Kingdom and Indonesia.
Nepal attested to this in the most recent directive distributed to Internet service providers by noting that transactions involving virtual currencies have been "increasing in recent days."
There is no question that the country of Nepal provides a point of contention to those who argue that there is no way to prohibit the widespread adoption of Cryptocurrency. At least for the time being. On the other hand, it is not yet clear whether or not the new policy will substantially impact adoption rates across the country.
Latest Crypto Prices
Meanwhile, Bitcoin has broken out of the range and is above $ 17,000. At last citing, it was trading at $ 17,300, up 1% on a weekly basis.
Ethereum is trading at $1,333, more than 3.3% on a weekly basis. However, Ethereum is approaching an old resistance zone and might find it difficult to break through quickly.