In a recent development, Nepal has reportedly issued an order to ban access to websites related to cryptocurrencies, affecting Pi Network miners, also known as pioneers. This decision has sparked concerns among the crypto community in Nepal, particularly among those who have been actively mining Pi on the network.
The ban on cryptocurrency-related websites is expected to disrupt the mining activities of Pi Network users in Nepal. Once the ban is enforced, the Pi mining app will cease to function, preventing pioneers from continuing their mining operations. As a result, pioneers will be unable to earn additional Pi coins until the government lifts the restriction.
However, the Pi coins that have already been mined by pioneers will be preserved, awaiting a possible reversal of the ban in the future. Nonetheless, the inability to complete Know Your Customer (KYC) procedures during the ban period may hinder pioneers’ ability to transition to the Mainnet if such an upgrade occurs during that time.
The Nepalese government’s decision to ban cryptocurrency-related websites follows previous actions aimed at restricting cryptocurrency operations in the country. The Nepal Telecommunications Authority issued a warning to internet service providers (ISPs) to refrain from hosting or operating platforms associated with cryptocurrencies.
This latest move is part of the government’s efforts to curb the rising trend of virtual currency transactions within the country. Nepal’s central bank had previously banned cryptocurrency trading and mining in September 2021, and the authorities have been vigilant in enforcing these restrictions.
Despite the ban, Nepal has shown significant crypto adoption, ranking 16th in Chainalysis’s 2022 Global Crypto Adoption Index. However, it joins a handful of countries that have implemented complete prohibitions on cryptocurrencies, according to research by the Library of Congress.
As pioneers await further developments, the crypto community in Nepal remains hopeful for a favorable resolution that would allow them to resume their mining activities on the Pi Network. However, until such a decision is made, pioneers are left uncertain about the future of cryptocurrency mining in Nepal.
The government’s stance on cryptocurrency regulation and its impact on pioneers underscores the challenges faced by crypto enthusiasts in navigating regulatory frameworks in various jurisdictions.
As the situation evolves, pioneers and stakeholders in Nepal will continue to monitor developments closely, hoping for a resolution that balances regulatory concerns with the growing demand for cryptocurrency innovation and adoption. Read Similar Story
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