NRB preparing to issue digital currency in Nepal

Published On: June 19, 2023 04:45 PM NPT By: Republica  | @RepublicaNepal

KATHMANDU, June 19: The Nepal Rastra Bank (NRB) is preparing to issue a digital currency.

Executive Director of NRB Guru Prasad Paudel said that NRB is also studying the requirements and making preparations for issuing its own digital currency as various 11 countries in the world have issued their digital currency so far.

Poudel was speaking at a programme organized to sign and exchange a Memorandum of Understanding about finance and digital literacy between the Machhapuchhre Bank and the Private and Boarding School Organisation of Nepal (PABSON) in the capital on Monday.

The latest data about digital transactions shows a significant volume of it. On average, Nepal sees monthly digital transactions of Rs 40 billion. In the month of Baisakh (mid April-mid May, 2023), 8.6 million people made transactions worth over Rs 26 billion through QR codes. The use of digital transactions is increasing, suggesting the need for issuing a digital currency, it is said.

The NRB is marking the current fiscal year as the Digital Payment Promotion Year.



Leave A Comment