The international payment system in Nepal is a hot topic that every digital entrepreneur has been talking about. Although the issue being amongst the digital entrepreneurs for a considerable amount of time, it was far away from being the major spotlight for the concerned authorities. But now, it seems like it has caught the eyes of the concerned authorities. Nepal Rastra Bank is planning to introduce the international payment system in Nepal soon.
In a recent Digital Economy Conclave, Maha Prasad Adhikari, the Governor of Nepal Rastra Bank, hinted that they are developing an international payment system for the general public.
International Payment System in Nepal
Digital economy conclave, a recent event organized by Fonepay where Mr Adhikari was invited to speak on the first session of the event. Towards the end of the session, Adhikari was asked by the anchor highlighting the issue.
In response, Mr Adhikari responded that he was well aware of the situation and added it would be accessible for everyone to both receive and do payment internationally in near future. Furthermore, he also added how important this issue means for those students who are studying IT and also for aspiring entrepreneurs.
How is Nepal Rastra Bank working on this issue?
Highlighting the current situation of International payment, he mentioned that they recently opened the way for Nepali entrepreneurs to receive international payments. He also added, the discussion is going on regarding how to authorize international payment portal like PayPal and opening the door for Nepalese consumers to buy goods from International e-commerce sites like Amazon.
As of now, Nepalese citizens with passports can carry up to 1500 US dollars. This is to allow them to make payments abroad. Adhikari added that a similar policy is in the works for the general public that will allow them to hold up to 500 dollars.
He also talked about allowing to open account of 500$ for Nepalese students who are studying IT or are aspiring to start a digital business in coming days. He also shed a light on an issue that the money could be misused or turn out of being fraudulent and the awareness needs to be raised in order to minimize that sort of activities.
As Adhikari mentioned this won’t affect the reserves of the country. Instead, this would contribute to a more active economy as there would be an increase in business, transactions and convenience.
This kind of optimistic remarks by Governor of Nepal Rastra Bank certainly leaves a positive footprint for a country like Nepal who is still making baby steps in terms of the international payment system.
Of course, there is still a lot to do in terms of research and planning as well as lots of formal procedure to follow until the implementation of the international payment in Nepal.
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