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The Central Bank of Nepal intends to amend the law to define its powers and responsibilities, which will allowThe central bank will issue a digital version of the Nepalese rupee.
According to the director of the foreign exchange departmentNepal Rastra Bank (NRB) management Revati Prasad Nepal, the task force has already prepared an amendment bill, which will be introduced in Parliament after internal deliberations.
Bank analysts believe that legislativethe base is important for the successful launch of a government-owned digital currency (CBDC). Earlier, they released a monetary policy document for 2021-2022, in which they proposed making legal changes before the full launch of the digital Nepalese rupee.
According to Revati Prasad Nepal, the amendmentswill touch upon both the technical and economic aspects of the issue. The Central Bank intends to develop a special digital wallet, as well as explore the possibilities of interaction with digital payment service providers.
At the same time, the Nepal Monetary Authority wantsFirst, watch how neighboring countries in South Asia, including India and China, implement their digital currencies. In February, the Central Bank of Nepal announced that it does not intend to introduce CBDC into the country's financial system in the next three years.
Earlier, the Reserve Bank of India (RBI) said that studies of the development practices of state digital currencies of other countries showed the advantage of a phased implementation of CBDC.
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