Nepalese central bank plans to launch a digital currency

central bank digital currency

The government is prepared to launch a digital currency in the wake of claims that Nepalis are engaging in unlawful cryptocurrency activities.

The Nepal Rastra Bank, the country’s central bank, has announced the start of a preliminary study to establish digital currency. According to the bank’s spokeswoman, Gunakar Bhatta, the bank has constituted a committee led by the director of the bank’s Currency Management Division.

According to Bhatta, once the committee publishes its findings, the government would decide what steps to take next.

The preliminary study will be completed in one month by the committee.

Nepal is under pressure to prepare for such a currency because India just said that it will issue one within the next year in its annual budget release.