Central bank of Nepal prepares the legal ground for a national digitalcurrency.
The move comes after a study indicated that such an initiative is feasible and recommended certain provisions that would authorize the regulator to proceed with its realization.The Nepal Rastra Bank is ready with revisions to the law determining its powers and responsibilities that would allow the monetary authority to issue a digital version of the country’s fiat currency, the Nepalese rupee. The news follows a study concluding that a central bank digital currency is a feasible project.
The experts have now proposed concrete steps to move ahead, including the preparation of a legal framework for the digital currency. “There are suggestions for technical and economic issues to be considered,” the NRB official said. Nepal’s other powerful neighbor, China, has been exploring the potential of a CBDC since 2014 and is already conducting trials. Cities like Shenzhen, Suzhou and Chengdu became the scene of the initial launch of itsin 2020. The tests were then expanded to more regions, including Hainan province, Shanghai and a number of other cities in 2021. The People’s Bank of China offered athletes and visitors a chance to try the e-CNY currency at the Winter Olympics this year.
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