The government is preparing to launch a digital currency in the wake of reports that Nepalis are involved in illegal cryptocurrency transactions.
Nepal Rastra Bank, the central bank of the nation, says it has initiated a preliminary study to establish the digital currency.
According to Gunakar Bhatta, the bank’s spokeswoman, the bank has constituted a committee chaired by the director of the bank’s Currency Management Division.
According to Bhatta, once the committee publishes its findings, the government would take the next measures.
The committee has beenneighbor allocated one month to conduct preliminary research.
Nepal is under pressure to prepare for such a currency because its neighbour, India, recently announced plans to launch such a currency within the next year in its annual budget announcement.