NRB working on digital currency


June 19, 2023


NRB working on digital currency

Image for Representation.

KATHMANDU: The Nepal Rastra Bank (NRB) is learned to have been preparing to issue a digital currency.

As said by the central bank’s executive director, Guru Prasad Paudel, so far 11 countries in the world have their digital currency, and the bank is too studying the requirements and making preparations for issuing its own digital currency.

He was speaking at a program organized to sign and exchange a Memorandum of Understanding about finance and digital literacy between the Machhapuchhre Bank and the Private and Boarding School Organization of Nepal (PABSON) here today.

The latest data about digital transactions show 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 digital currency, it is said.

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