Scope of digital currency

The general public at large in Nepal has a typical currency-handling culture.

The central bank of Nepal issued a notice about the circulation of new currency notes for Dashain. Thereafter, it also released one more circular that invited consultations from the public to explore the prospects for launching digital currency in an economy that is largely cash-based. Only 67.3 percent of Nepal’s population had access to banking services using one unique bank account as of mid-June 2020, as per the financial access report of the central bank. The dream of introducing digital currency in the economy and transitioning towards a cashless society remains utopian as long as a majority portion of the population is not inducted into the banking system.