Amid reports that Nepalis are involved in illegal cryptocurrency transactions, the government is preparing to launch a digital currency.
Nepal Rastra Bank, the central bank of the country, says it has launched a preliminary study to launch the digital currency. The bank’s spokesperson Gunakar Bhatta says the bank has formed a committee led by the bank’s Currency Management Division’s director.
Once the committee submits its report, the government will decide the next steps towards that, according to Bhatta.
The committee has been given one month for the preliminary study.
Nepal is under pressure to prepare for such a currency as its neighbour India has promised to launch such a currency within the next year in its recent annual budget announcement.