With more transactions involving less cash among the people, it is increasingly becoming necessary for countries to roll out the digital version of their fiat currencies, and soon, Nepal may join the list of the countries that issue CBDC.
Following necessary studies that suggested that Nepal’s CBDC is a feasible project, a task force in the country has proposed legal changes that will let the country’s central bank issue digital currency.
Further to the study, Nepal Rastra Bank (NRB) is ready to review laws that determine its power to roll out the digital version of the Nepal Rupee.
Revati Nepal, the chief of the bank’s Currency Management Department said that a task force has already drafted the amendment bill. “After internal discussions, we will send the bill to the government to table it in parliament,” said Revati, quoted by the Kathmandu Post on Sunday. The changes will be made to the Nepal Rastra Bank Act from 2002.
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Nepal Rastra Bank Not in Rush
According to the executive, the Nepal Rastra Bank is not in a rush to roll out CBDC as it is looking to observe how it will turn out with countries in its region including India and China.
Revati added that;
“We don’t want to take the unnecessary risk by rushing into introducing digital currency.”
The Reserve Bank of India is expected to roll out the digital version of its country’s fiat currency next year.
China has also been exploring the potential of CBDC as early as 2014, and the country is already conducting trials, cities like Shenzhen, Suzhou, and Chengdu became the scene of the initial launch of its digital yuan in 2020.
Most central banks of different countries are currently exploring the possibility of rolling out CBDC, a survey by the Banks for International Settlement (BIS) last year show that 86% of central banks were researching the potential of CBDCs, 60% percent were experimenting with the technology and only 14 percent were deploying pilot projects.
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