Nepali Prime Minister stepped down due to anti-corruption protests, Bitcoin and USDT transactions surged during protests

Nepali Prime Minister KP Sharma Oli stepped down due to turmoil caused by anti-corruption protests and social media bans, with at least 22 people dead in the protests, according to ChainCatcher. Although the central bank of Nepal completely banned cryptocurrency transactions in 2022, local people have turned to using stablecoins such as Bitcoin and USDT for transactions during the government's blockade of banks and payment systems. During the protests, Telegram groups and Reddit forums were flooded with USDT buying and selling information, and traders bypassed traditional financial systems through peer-to-peer exchanges and decentralized exchanges. A 19-year-old student said he received funds from his cousin in Dubai through Bitcoin, “Western Union took a few days and overcharged, and I received the money in 10 minutes with Bitcoin”. Locals say USDT has become a parallel currency for purchasing necessities and remittances.