Bill to amend BAFIA 2073 grants legal recognition to digital currencies for the first time in Nepal
KATHMANDU, March 23 -- The government has introduced the concept of digital currency for the first time, paving the way for its legal recognition.
The concept of digital currency has been brought forward in the bill prepared to amend the Banks and Financial Institutions Act (BAFIA) 2073.
The bill defines digital currency as a currency issued by the Nepal Rastra Bank (NRB).
Furthermore, the bill introduces the concept of digital banks, allowing the NRB to grant licenses to such institutions. The bill, approved by the Council of Ministers on February 8, has been presented in parliament.
The proposed legislation grants digital banks the authority to conduct banking and financial transactions, including accepting deposits and granting loa...
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