Nepal Proposes Legal Framework for Digital Currency

March 21, 2024
Digital Currency RBB

Nepal aligns with the international movement towards digital finance. Bill seeks to legalize and promote a central bank digital currency.

In the halls of Nepal’s House of Representatives, a shift is underway – one that could reshape the country’s financial landscape. A new bill seeks to establish a legal foundation for a Central Bank Digital Currency (CBDC), aligning Nepal with a growing global movement towards digital forms of money.

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The bill carefully outlines the proposed currency, defining it as a digital representation of the Nepalese rupee, issued by the Nepal Rastra Bank. More importantly, it paves the way for streamlined use; banks and financial institutions would be empowered to accept and utilize digital currency, opening doors for both consumers and businesses.

“This move demonstrates Nepal’s commitment to innovation in the financial sector,” a Ministry of Finance spokesperson commented. “We are joining many nations worldwide in taking the necessary steps to prepare for the future of payments.”

This isn’t a sudden move. The Nepal Rastra Bank has been diligently studying the potential for digital currencies for some time. This legislation represents the potential culmination of that research, potentially transforming the digital currency from a concept into a real option for Nepalese citizens.

The implications go beyond convenience. A well-implemented CBDC could improve the speed and efficiency of payments throughout the country. It even holds the potential to extend financial services to more people, providing greater access in a nation where some regions remain underserved by traditional institutions.

Ditible Staff

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