The Nepal Telecommunications Authority (NTA), the regulatory body for the telecommunications and technology sector in the Himalayan nation, has started taking action to control illegal online economic activities including offshore casinos. The NTA has shut down websites and apps including online virtual currency (cryptocurrency), Bitcoin, hyper networking and online gambling according to a press release.
The authority has said that such online sites and apps are not allowed to be used, operated and managed in Nepal and have been blacklisted. The regulatory body has also urged the people to provide information regarding such online practices and apps through email and has warned of legal action if anyone is found involved in such practices. Similar to India, offshore betting sites flooded Nepal in recent times.
The NTA has decided to shut down the website and apps after finding that many Nepalis living in the country and abroad are involved in illegal transactions such as crypto, hyper-fund and networking.
As Nepalis living abroad have increased their investment in illegal networking businesses such as crypto and hyper-funds, the remittance inflow has been declining. This has resulted in the decline of flow of remittances in the country.
The NTA has stated that transactions using digital technologies such as virtual currency, networking marketing and online gambling, which are not legally recognized as monetary instruments in Nepal, are on the rise. The regulator has made it clear that it will help in controlling transactions including illegal cryptocurrency.
Similarly, the Central Investigation Bureau (CIB) of Nepal Police has arrested some persons involved in crypto business and has taken action against them. Earlier, in the case of illegal online gambling, the NTA has been assisting in various technical aspects including identifying and tracking such sites.