Proposal put forward to amend laws for integration of digital currency

Published On: March 21, 2024 08:56 PM NPT By: Republica  | @RepublicaNepal


Proposal put forward to amend laws for integration of digital currency

KATHMANDU, March 21: A proposal has been made to amend the law to accommodate digital currency. A provision to this effect has been included in the bill intended to amend the Bank and Financial Institutions Act 2017, which has been registered in the House of Representatives.

In the proposed bill, digital currency is defined within the definition section as follows: “Digital currency should be understood as the digital currency issued by Nepal Rastra Bank.”

In proposing additional provisions within this section, the bill has incorporated clauses about the acceptance and disbursement of digital currency. This arrangement aims to facilitate the utilization and advancement of digital currency.

As per the Ministry of Finance’s statement, Nepal, like numerous other countries globally, is gearing up to introduce digital currency. Essential legal frameworks are being drafted for this purpose.

Previously, Nepal Rastra Bank conducted an internal study concerning digital currency. According to this study, if the proposed arrangement is ratified by parliament, the use of digital currency in Nepal will be legitimized.

 

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