nepal

According to Decrypt, the IMF stated in its latest annual assessment of Nepal that despite Nepal's comprehensive ban on cryptocurrency trading and mining since 2021, the inflow of cryptocurrencies and stablecoins grew rapidly between 2019 and 2024, exceeding 13% of GDP at one point in 2021 and rebounding to about 8% in 2024, with cross-border flows accounting for about 5% of GDP.The IMF recommended that Nepal establish a cryptocurrency regulatory framework in accordance with international standards, strengthen monitoring of stablecoins and unpegged crypto assets to prevent circumvention of capital controls and large-scale deposit outflows, and urged it to complete the FATF action plan and exit the gray list.

ChainCatcher news, Nepal's Prime Minister KP Sharma Oli has resigned amid turmoil sparked by anti-corruption protests and a social media ban, with at least 22 people reported dead in the protests.Despite the Nepal Rastra Bank's comprehensive ban on cryptocurrency trading in 2022, locals have turned to using stablecoins like Bitcoin and USDT for transactions during the government's lockdown of banks and payment systems. Reports indicate that during the protests, Telegram groups and Reddit forums were flooded with USDT buy and sell information, with traders bypassing traditional financial systems through peer-to-peer exchanges and decentralized exchanges. A 19-year-old student stated that he received funds from his cousin in Dubai via Bitcoin, saying, "Western Union takes days and charges too much, while with Bitcoin I received the money in 10 minutes." Locals say USDT has become a parallel currency for purchasing essentials and remittances.

ChainCatcher news, according to Cointelegraph, the Financial Intelligence Unit (FIU) of Nepal has found that despite the official ban on trading digital assets, cryptocurrencies are still widely used to facilitate online fraud.The Financial Intelligence Unit is a specialized department of Nepal Rastra Bank, the central bank of Nepal, responsible for monitoring and combating financial fraud, including money laundering and terrorist financing.In the "Strategic Analysis Report" released on November 18, the Financial Intelligence Unit noted an increase in the use of cryptocurrencies for money laundering by criminals. The report stated that fraudsters convert illegal funds into cryptocurrencies, which poses challenges for authorities in tracking and recovering the funds.

ChainCatcher news, according to CoinDesk, the Nepal Telecommunications Authority has instructed all internet service providers (ISPs) to block websites related to cryptocurrency.It is reported that in September 2021, the Nepal Rastra Bank banned cryptocurrency activities, including trading and mining. In April 2022, the Nepal Telecommunications Authority sought information from the public regarding anyone involved in illegal activities such as cryptocurrency. Despite the ban, Nepal ranked 16th in Chainalysis's 2022 Global Crypto Adoption Index, ahead of countries like the UK and Indonesia. (CoinDesk)

ChainCatcher news, according to official sources, the streaming payment protocol Zebec Protocol will initiate a new round of negotiations with the Nepalese Ministry of Finance, aiming to promote the application of streaming payment services in the Nepalese market, with a collaboration led by Nepal expected to commence in Q3 2023. Additionally, Zebec Protocol founder Sam Thapaliya is set to participate in the campaign for the Nepalese Minister of Finance.It is reported that Zebec Protocol is the first Web3 project approved to join the Visa program, and both parties recently launched the Visa debit card Zebec Card, which can be used for cryptocurrency payments. The Zebec protocol was established in 2021 and is an on-chain salary streaming payment product with tax functionalities.Zebec has released a solution for the streaming payment public chain Zebec Chain based on Zk-Rollup, revealing the main advantages of this public chain in terms of privacy protection, high throughput, and compliance, facilitating the integration of streaming payment features for more Web3 ecosystem applications, and is set to officially launch in Q3 2023.