NRB prepares to issue digital currency

KATHMANDU, June 19: The Nepal Rastra Bank (NRB) has been preparing to issue a digital currency. 

According to the Central Bank's Executive Director Guru Prasad Paudel, 11 countries in the world so far have their digital currency and the Bank too is studying the requirements and making preparations for issuing its own digital currency.

He spoke at a programme organised to sign and exchange a Memorandum of Understanding (MOU) about finance and digital literacy between the Machhapuchhre Bank and the Private and Boarding School Organisation 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, he said.

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