Nepal Rastra Bank (NRB) has drafted a revision of the Nepal Rastra Bank Act to enable the central bank to issue a central bank digital currency (CBDC), the Kathmandu Post reported. It aims to send the legislation to parliament for consideration.
Last year the central bank initiated a digital currency feasibility study group headed by Revati Nepal, who leads the central bank’s currency management division. The conclusion is that a CBDC is feasible, but it wants to consider additional technical and economic issues, in addition to changes in legislation.
It’s working on a digital wallet to be integrated with digital banking and enable interoperability with digital payment firms.
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