by Karuna Thapa
Kathmandu, February 16
The Nepal Rastra Bank has begun research to develop its own virtual money (digital currency). NRB, which has only lately begun dealing in cryptocurrencies, has initiated discussions by organizing a committee to develop its own currency.
Dr. Gunakar Bhatta, a spokesman for Nepal Rastra Bank, said that the study’s preliminary phase has begun. Digital currency has recently been traded in a number of countries. Bitcoin and other cryptocurrencies are outlawed in Nepal.
India has previously stated that it will introduce its own digital currency in the current fiscal year’s budget. The research has also begun in Nepal, after the announcement by neighboring countries to introduce their own digital money.
The study has been assigned to a group led by the NRB’s director of money management.
According to Bhatta, the next step would be made when the committee presents the study report, which has been given a month to complete. “This is a preliminary study. Only until the study report is released will it be evident.” Bhatta stated.
Even if the NRB decides to develop its own virtual currency, investments in Bitcoin, cryptocurrencies, hedge funds, and others will remain prohibited. NRB has asked not to invest in places where it is banned by law.
