Money & Finance

Nepal Telecommunications Authority has instructed all internet service providers to block access to the sites and apps involved in activities prohibited under Nepali economic regulations.

In a public notice on Monday, the telecommunications regulator has warned about the increasing Nepali traffic on such sites involved in virtual currencies and network marketing like bitcoin, cryptocurrencies, online gambling and financial crimes. 

"Such transactions are not recognised as monetary instruments in Nepal and are deemed illegal," the notice says.

The NTA has urged the ISPs to bar the use of and access to such websites, apps or online networks in Nepal.

The NTA has warned of stringent action, including legal procedures, against anyone found not abiding by its instructions.

The country's central bank, Nepal Rastra Bank, has been notifying everyone against getting involved in pyramid schemes of network marketing and cryptocurrencies.

The law in Nepal does not regard cryptocurrencies as a mode of legal tender and violating it is punishable according to Foreign Exchange Act 1962.