. The Finance Committee of the House of Representatives (HoR) on Friday held clause-wise discussions on the bill brought to amend the Nepal Rastra Bank Act, 2058 BS.
The House of Representatives had sent the bill to the Finance Committee for clause-wise discussion.
In the meeting, Finance Minister Swarnim Wagle said that the government was ready to reach the necessary decision on the bill through open and legitimate discussions.
Stating that the NRB governor had presented some suggestions based on his experience, he said the committee itself should decide on the inclusion of five, seven or nine members in the board of directors.
He said that some amendments have been proposed regarding the number of deputy governors and their appointment from outside, so the committee should discuss it and reach a conclusion.
Stating that there were no major differences in principle or in practice, he said all issues should be settled through fair and healthy discussions.
He said, “On the basis of this experience, the Governor has put forward some things, it is up to the honorable gentlemen, as law makers, to finalize it.”
We don’t want to be too rigid about whether to keep nine, whether to keep seven, whether to keep five, and so on. Two deputy governors, some amendments have been made, a little bit more, whether the deputy governor should also be brought in from outside, let’s decide this through this discussion. Let’s conclude through a very legitimate, no, clean, healthy discussion. I don’t think there are any other very doctrinal and even practical disagreements here. Finance Minister Wagle also clarified that the government was not negative on the issue of field visit allowance raised by lawmaker Sushil Khadka. He said the government was ready to adjust such facilities as per the time and by fulfilling the legal process.
He said, “Another issue raised by Honorable Sushil Khadka is that we are becoming liberal in everything from the personal secretary of every lawmaker.”
We are not negative in making the allowance of field visits as per the method. “
Similarly, the Governor of Nepal Rastra Bank, Dr. Dr. Bishwanath Poudel said that digital currency (cryptocurrency) has emerged as a new challenge for Nepal’s financial system.
He said that although cryptocurrency transactions have not been legalized in Nepal, studies are being conducted on its use and impact.
He said that the Nepal Rastra Bank is conducting a serious study after the latest data from the International Monetary Fund (IMF) indicated that cryptocurrency holdings in Nepal are equivalent to five percent of the gross domestic product (GDP).
He said, “Cryptocurrency is not legal in Nepal.
But we are studying its use and effect. After IMF data indicated that cryptocurrency holdings are about five percent of GDP, we have started further studies in coordination with the Nepal Police. We will take necessary policy and legal decisions only on the basis of adequate study and facts. “
Governor Poudel said that the study is being carried out in coordination with the Nepal Police and the IMF is also collecting information about how the data was prepared. He said that the use of cryptocurrency may have also affected revenue collection.
Stating that digital banking, cryptocurrency and the development of new technology around the world were affecting the banking sector, he said that necessary legal provisions may be needed in the future to address such issues in Nepal
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