Although the government has not been able to legalize the use of virtual currency, Nepal Rastra Bank is preparing to introduce digital currency in the domestic market.

Many countries have started issuing digital currency to facilitate seamless transfer of value with lower transaction costs. Speaking at an event on Wednesday, NRB Deputy Governor Bam Bahadur Mishra said the central bank was ready to replace the use of physical currency with virtual currency. As India prepares to launch a digital version of its currency by the end of March 2023, Nepal Rastra Bank appears keen to bring in digital currency.

NRB has formed a task force to study the feasibility of implementing digital currency in Nepal. A committee has also been formed under the coordination of Deputy Governor Mishra to give necessary suggestions regarding the use of digital currency.