Separate law proposed to regulate online payment platforms

Kathmandu, August 13

The government has proposed introducing a new law to deal with economic transactions based on the internet.

The new law will regulate various forms of digital money and digital wallets including online payment platforms like eSewa, IME Pay and Khalti.

For that, the government is preparing to scrap article 103 of the existing Nepal Rastra Bank Act.

Meanwhile, the new law draft has proposed formulating a National Payment Board under the leadership of Nepal Rastra Bank governor. The Board will be authorised to introduce and implement laws required in the sector.

Independent service providers have to get permission from the central bank to launch such services. Banks and financial institutions which are already recognised by the central bank, however, can provide these services without obtaining any permit.

The central bank has to fix an amount of the paid-up capital to begin the service.

The bill has already been registered at the Parliament Secretariat to officially begin the new law formation process.

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