Nepal Rastra Bank plans to introduce own digital currency, says Executive Director Guru Prasad Paudel
Kathmandu, June 20. The Executive Director of Nepal Rastra Bank (NRB), Guru Prasad Paudel, announced on Monday that the central bank of the country is currently studying digital currency and is planning to introduce its own digital currency.
While attending the MoU signing event between Machhapuchhre Bank and the Private and Boarding School Organisation of Nepal (PABSON), Paudel said that “the increasing volume of digital transactions across the country” has emphasized the need for a digital currency.
He further explained, “Our country witnesses a monthly average of Rs 40 billion in digital transactions. In the month of Baisakh alone, over 8.6 million people conducted transactions worth more than Rs 26 billion through QR codes. This indicates that we need to prepare ourselves to join 11 countries around the world that have already issued their digital currencies.”
The NRB has designated the current fiscal year as the Digital Payment Promotion Year, making the introduction of a digital currency a significant step towards achieving this goal.
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