Kathmandu – Deputy Governor Dr. Neelam Dhungana recently stated that Nepal’s progress in digital banking is still insufficient. While receiving the report from the second National Banking Debate organized by Banking News, Dr. Dhungana highlighted the need for further development in digital payment infrastructure and innovation.

Dr. Dhungana also underscored the importance of focusing on cryptocurrency, as discussions on digital banking often lead to questions about crypto. She expressed concern that the public is largely unaware of Nepal’s ban on cryptocurrency. “Investing in cryptocurrency from Nepal is illegal, as is participating in hundi (informal money transfers). We all must be aware of this,” she said, adding, “With increased attention to these topics, financial literacy will also rise.”

Further, Dr. Dhungana emphasized the need to educate the public on anti-money laundering (AML). She stated, “Investigating money laundering isn’t a one-stop solution; it’s a process. Only when issues such as tax evasion are uncovered during investigations will legal action follow.” She clarified that those found innocent will face no consequences, while illicit activities will result in asset seizures, emphasizing the importance of spreading awareness about AML. “At the grassroots level, awareness of money laundering prevention is practically zero,” she remarked.

Dr. Dhungana also noted that many people inquire about transferring money abroad after selling all their assets in Nepal, attributing this to limited legal knowledge and a lack of educational outreach on relevant laws. She emphasized the need to raise awareness about the importance of requesting bills for purchases and understanding regulations on goods brought across borders.