Kathmandu. Joint Secretary at the Ministry of Finance, Sevtak Pokharel, has said that the BAFIA Bill on Banks and Financial Institutions seeks to regulate digital transactions from digital currency.
During a discussion on the BAFIA Bill held at the Finance Committee on Monday, he said that the bill has been brought to address the issues like digital currency and digital banking as they have to be regulated.
He said that issues like digital currency and digital banking will not be governed by the old act.
Joint Secretary Pokharel said, “The new issues like digital currency and digital banking are not recognized in the current old act. Therefore, these issues have been included in the BAFIA Bill. The general public has deposits in 6.7 trillion banks, so the bill has been brought to protect it. ’
According to him, the BAFIA Act has been brought with some stringent provisions to prevent people’s money from sinking into banks like in cooperatives. It should be resolved by the parliamentary committee soon.
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