Bitcoin for Nepal

In 2013, Nepal Rastra Bank (NRB) ruled bitcoin to be illegal in Nepal and stated that it has not licensed any digital currency in Nepal News Excerpt. The NRB raised concerns over financial and criminal activity risks. At this point in time (2013), the government was partially correct in its assertion due to the following facts

1. The understanding of the technology.
2. What was its intent and how it would change the world.
3. Its effect on the local currency, its use and its misuse.

If the government did not see any benefits at that time, it would not have been wrong.

It is now 2017, 4 years have passed by since this initial assessment.

A lot has changed in terms of perception and in terms of where digital currencies are. Digital currencies are here and have set a solid foothold in the world economy. Its acceptance has accelerated, governments around the world are realizing its importance and its value. One thing that has changed drastically from 2013 is the fact that the good of digital currencies far outweighs the bad. There is more news, more transparency and the possibilities are endless. One thing is for sure, digital currencies will do more good to the people of the country than harm.

Yes, there will be scammers and there will have to be new laws and regulations that will protect the common man, not from the digital currency but from the people who will try and scam them.

Another thing to note is the fact that digital currency brings technology to the door step of every individual. As the years roll by it will become evident that the nation missed out on the advantages and benefits that the technology would have offered.

For a country like Nepal, bitcoin is a way of becoming a part of an international community and recognized as a forward-looking country. The more devalued a currency is the better off for the country to adopt bitcoin, because value will be created through global consensus, rather than local intrinsic value of that currency.

The world will change, digital currencies will become the norm rather than the exception. We can wait for that to happen or we can actively participate by freeing up digital currency.

Remittance accounts for 29.6 percent of the total GDP of Nepal. Nepal Rastra Bank (NRB) noted that remittance flow into the country went up 7.7 percent to Rs. 665.06 billion Fiscal Year 2015/16. All of inflow come with high transaction cost. If transaction cost was assumed to be 2% then Rs. 13 billion was taken up by correspondent banks and their networks all across the globe. This could have been saved. Bitcoin offers a much more efficient method of cross border transaction.
The above are just my observations, and why I would like to see Nepal adopt digital currencies. I have total trust in the government of Nepal and I know for sure that will act in our best interest.

Some interesting reads on how some countries and institutions and adopting Bitcoin.

Malta embracing bitcoin-block chain : https://www.cryptocoinsnews.com/malta-embracing-bitcoin-blockchain-sweeping-national-strategy/

UN wants to adopt Bitcoin and Ether: http://www.coindesk.com/the-united-nations-wants-to-accept-ethereum-and-bitcoin-and-soon/

Australian Banks leading way for Bitcoin and Block chain https://www.canstar.com.au/wealthbricks-news/banks-explore-bitcoin-for-international-money-transfers/

Reference:
http://www.myrepublica.com/news/4556/