Is the end of paper money near?

Is the end of paper money near?

Banks and financial institutions (BFI) are adopting more and more technologies in their services. BFIs are providing new services by digitisation. They are advising their clientele to complete their banking tasks electronically.

Physical cash is discouraged as well. For the authorities to control the conversion of black money into white money, they emphasize the use of Internet transactions.

Sanitizing currency in Nepal does not exist. This is why viruses and other diseases can be transferred from person to person.

Paper money released by the government is extremely costly and has imposed significant financial burdens on the country. To handle various resources, BFIs and NRBs must put in a tremendous amount of effort each day.

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Similar to this, retaining and taking money is highly dangerous, which could result in theft, loss, and injury.