The Nepal Rastra Bank (NRB) has begun a research into the feasibility of utilizing digital currency in Nepal, with the goal of reducing the use of paper currency.
According to NRB executive director Prakash Shrestha, the central bank has appointed two panels to investigate the situation. The panels, he claims, are looking at the digital currency activities of a variety of countries, including China, Singapore, and Hong Kong, among others.
Any method of payment that is carried out electronically is referred to as digital currency. One of the most widely used types of digital cash is cryptocurrency.
The central bank has so far refused to allow the circulation of digital currency in the country. A few weeks ago, the apex monetary authority issued a warning against using cryptocurrencies for transactions.
According to the NRB, it has attempted to legalize the use of digital currency using the most appropriate methodology. Increased internet connectivity, expanded banking system digitalization, and increased literacy on the usage of technology-based transfers are projected to aid in the implementation of digital currency.
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