February 22, 2024, Thursday
Nepal 1:37:26 pm

NRB preparing to issue digital currency

The Nepal Weekly
June 20, 2023
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The Nepal Rastra Bank (NRB) is learnt to have been preparing to release a digital currency. As informed by central bank’s executive director, Guru Prasad Paudel, so far 11 countries in the world have their digital currency and the bank is also studying the requirements and making preparations for issuing its own digital currency. He was speaking at a programme organised 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) here 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 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 worldwide, suggesting the need for issuing a digital currency, it is said. The NRB observes the current fiscal year as the Digital Payment Promotion Year.