Research Methodology in Computing and Engineering (CT053-3-M)

An Exploratory Study on Prospects and Challenges of

Cryptocurrency in Context of Nepal
Srijesh Khanal
Masters in Information Technology Management (LBEF Campus)
Asia Pacific University of Innovation and Technology (LBEF Campus)
Kathmandu, Nepal
srijesh.khanal@study.lbef.edu.np

Abstract – The rapid growth of information
technology has merged our day to day life activities
with online. This heavy growth of online users have
rose the new process called cryptocurrency for
performing financial and monetary transactions.
Cryptocurrency or simply called crypto, is a digital
currency which can be used to purchase products
and services. These currencies exists independently
as a computer data and uses online ledger along
with strict cryptography for securing online
transactions. This cryptocurrency have been
globally spread and many countries have accepted
this phenomena for transaction, but there are still
many countries which consider using these
currency as illegal activities and some countries
have kept this as grey research topic so that if its
benefits the country they can use this currency
legally. Nepal Government (Nepal Rastra Bank
and Foreign Exchange Regulation Act 2019) has
announced officially that Bitcoin and any other
types of Cryptocurrencies are illegal to use for
financial transactions. This paper investigates the
prospects as well as challenges of implementing
Cryptocurrencies in Nepal. This paper will
investigates factors that makes implementing
cryptocurrency difficult or can be easier in Nepal.
Government and legal factors will be discussed less
and more priority will be given to other factors.
Keywords – Cryptocurrency, Blockchain,
Technology, Challenges in Cryptocurrency, Trust
of Users.
I. Introduction
Today people wants everything to be done within a
click. Consumers demand are dynamic and changing
rapidly because of rapid improvement in technology.
The latest and promising development in digital world
is cryptocurrency (Liu & Tsyvinski, 2020).
Cryptocurrency is the latest process that supports
financial inclusion and can be considered as evolution
of decentralized digital or virtual currency in the
financial world (Holtmeier & Sandner, 2019) (Scott,
2016). Cryptocurrency is a peer-to-per digital
exchange mechanism in which currency units are
created and distributed using cryptography (Holtmeier
& Sandner, 2019). Distributed authentication of
transactions without a central authority is required by
this process. Authenticating transaction confirms
transaction amounts and also checks that the units of
currency which payers are trying to spend, actually
owns it or not (Al-Amri et al., 2019). Verifying
transactions also ensures that currency units are spent
exactly once and not more than once. This process of
 Research Methodology in Computing and Engineering (CT053-3-M)

verification and authentication is called mining
(Mukhopadhyay, et al., 2016). Cryptocurrency on the
one hand is based on latest technology whose potential
is not completely or fully understood, and on the other
hand cryptocurrency at least fulfills similar functions
as traditional assets (Liu & Tsyvinski, 2020).
A. Origin of Cryptocurrency
. There are several advantages and disadvantages of
cryptocurrency.
Some of the advantages of cryptocurrency are as
follows (Frebowitz, 2018) (Holtmeier & Sandner,
2019) (Liu & Tsyvinski, 2020).
i. Cryptocurrencies can help to overcome the

The first cryptocurrency is called Bitcoin and was lack of social trust on financial sectors.

created in 2009 by a person called Santoshi Nakamoto ii. Cryptocurrencies can play a supportive role

(identity still secret) (DeVries, 2016). But he was not in the growth process of developing countries

only the person who thought about digital currency, by increasing the access to financial services

the idea of digital currency were since 1983. In 1983 as well as financial inclusion so that funds

the American citizen named David Chaum, developed can be tracked in better way and thus poverty

a cryptographic virtual coin named eCash and 10 years can be eradicated.

later he developed DigiCash with the ability to make iii. The supply of cryptocurrency are defined in

confidential economic transactions using its protocol, therefore government and

cryptography. But the concept of cryptocurrency first central bank cannot influence its supply and

arose in 1998 (Davies, 2021). flow.

iv. Data Protection and Privacy
In 2008 millions of people all around the world,
v. Decentralization as well as Self-Management
including America (also known as power house of
vi. Cryptocurrency can protect the country from
world) were affected by the big economic crisis. This
inflation
crisis affected traditional assets and fiat currency
vii. Speed and fast accessibility
(paper money and coins) started to lose its value
rapidly. This big economic crisis and people desire to Cryptocurrency is not always advantageous, it do have

see another money or currency as alternative for fiat disadvantages. Some of the disadvantages of

currency drives Nakamoto to create cryptocurrencies cryptocurrency are as follows (Westhuizen, 2017).

(Davies, 2021). i. Unregulated nature of cryptocurrency might

B. Advantages and Disadvantage of Cryptocurrency rise the potential of legal challenges and also

The cryptocurrency market in media is shown as either its misuse.

good or bad; black or white; portraying either as a ii. Lots of scam can be associated with

financial revolution or way to lose money. So this cryptocurrency as there is no refund policy.

brings confusion to general people and also might be iii. Regulation Issues as come countries consider

to the state. But in reality it is very sophisticated than cryptocurrency illegal.

just putting the label of positive or negative on iv. Strong Volatility

cryptocurrency and digital assets (Mukhopadhyay, et v. Major types of cryptocurrency involves

al., 2016) blockchain technology so because of lack of

skilled manpower and technology in
 Research Methodology in Computing and Engineering (CT053-3-M)

developing countries they might difficult in (Jani, 2018). The cryptocurrencies other than bit coin
implementing these cryptocurrency. were termed as altcoins (Jani, 2018). The table below
vi. Not user friendly shows the shows the market price and market cap of
vii. Lack of visibility of blockchain technology in some cryptocurrencies in 2018.
financial settings.
Table 2.1
C. Purpose
Cryptocurrency is buzz word today. Many countries
have implemented cryptocurrency and also included
this in their financial transaction while some countries
are researching on this and trying to identify risk and
benefits so that it can be implemented. Most of the
countries have kept cryptocurrency as the topic for
research.

Nepal government has declared all cryptocurrencies as

illegal. This decision rise the questions like have Nepal
conducted sufficient research on cryptocurrency, do
cryptocurrency brings security threats or enhance
security of financial transaction, can Nepal consider
cryptocurrency legal in future. The main purpose to
conducting research in this topic is to identify the
potential and challenges of cryptocurrency in Nepal,
what are the perception of financial institutes of Nepal
towards cryptocurrency. Therefore, the main purpose
and objective of this paper is to identify the prospects
as well as challenges of implementation
cryptocurrency in Nepal.
II. Current Situation of Cryptocurrency
The exact figure or number of cryptocurrencies is the
world is likely impossible to list. But there were 1564
cryptocurrencies available and traded in about 9422
exchanges till March 18, 2018 (Jani, 2018). In January
2021, the stat shows that there were more than 4000
cryptocurrencies in existence (Conway, 2021).
Bitcoin is dominating the cryptocurrency industry
from 2018 till date. In 2018 it contained 45% of market
share and $142.2 Billion was its market capitalization
Source: (Jani, 2018)
Central banks are also attracted towards
cryptocurrency and the attraction is not only because
of popularity of cryptocurrency but also because of the
technology used behind it (Ng & Griffin, 2018). Many
countries have allowed and some are in progress to
allow cryptocurrency so that it could be used in
financial transaction. Countries like Australia have
allowed (but not regulated) cryptocurrency, Spain uses
SpainCoin (2014) and PesetaCoin (2014), Iceland uses
of Aurora Coin (2014), Canada uses MapleCoin (2014),
US has also allowed cryptocurrency but the rule
differs from state to state, etc. (Ng & Griffin, 2018).
Country like India where population is high, crypto
currencies are booming. India have not allowed
cryptocurrency but using it is also not illegal;
cryptocurrencies are unregulated in India but there are
some regulatory framework which helps to govern
functioning of cryptocurrency (Ng & Griffin, 2018).
Some of the popular and best cryptocurrencies are,
Bitcoin, Ethereum, Binance Coin, Tether, Cardano,
Dogecoin, Ripple, etc.
 Research Methodology in Computing and Engineering (CT053-3-M)

Recently in 2021 the share of cryptocurrency has The use of cryptocurrency requires internet
dropped because of dispute between Elon Musk (CEO accessibility so developing countries planning to use
of Tesla Company) and cryptocurrencies industry. The cryptocurrency will automatically increases the use of
market is going down because Tesla Company internet which can generate other remote jobs and thus
announced that it won't accept Bitcoin for the payment GDP of country can also increase. Also there will be
of its vehicles. transparency in cryptocurrency so there will be less
chance of corruption. Cryptocurrency also increases
III. Cryptocurrency and Developing
financial inclusion (Holtmeier & Sandner, 2019).
Countries
Therefore cryptocurrency can create big opportunities
On the basis of economic situation of the country, the
in developing countries which helps to enhance its
world is divided into three categories; Developed
economy.
Economies country; economies in transition and
developing economies countries. Developing IV. Prospects and Challenges of
countries are those country which have its Human Implementing Cryptocurrency
Development Index (HDI) very low and industrial The benefits of cryptocurrencies that other countries
development are very less compared to other are receiving after using or implementing it in
developed countries (Holtmeier & Sandner, 2019). financial services can increases the possibilities of
These developing countries have various issues like cryptocurrency uses in developing countries as well.
economic issues, low education, insufficient medical Some of the reason for implementing cryptocurrency
care, etc. One of the major problem in developing can be:
country is poverty and the main cause behind this is
 Decentralization
the few access to financial services (Holtmeier &
 Safe and Secured means of conducting
Sandner, 2019). Financial intermediaries are very
transaction
crucial for individuals as well as companies (because
 Increases financial inclusion
they generates employment in the country and also can
 Enhance worldwide trade
provide loans) (Holtmeier & Sandner, 2019). This
 Transparency
would mobilize or bring movement of money in the
country helps to increase the standard. Because of very  Social trust or confidence in consumers

few financial services, these developing country  Mobile Payments

cannot take part in worldwide trade (Holtmeier &  Accessibility

Sandner, 2019). Low level of trust in financial sector  Very low transaction fee for international

is also one reason for less financial services in payments. (Reiff, 2020)

developing countries. Corrupt government is also the

Implementing cryptocurrency is not a piece of cake.
reason for poverty in developing countries. Because of
There are several challenges that might occur. Some
all these factors, cryptocurrency and its
of the challenges are:
implementation can provide opportunity to developing
countries to increase its financial services and enter its  Unawareness of Technology behind

step in worldwide trade (Holtmeier & Sandner, 2019). cryptocurrency

 Research Methodology in Computing and Engineering (CT053-3-M)

 Lack of availability of skilled manpower countries but this benefit and positive impact depend
 Not skilled consumers on mass adaptation. Growth process of developing
 Political Influence countries can also be supported and enhanced by

 Fear of losing control by government as well cryptocurrency. Political inclusion, technology and

as financial institutions consumers trust also impact in implementing

 Lack of technology cryptocurrency. Despite of all these challenges there

 Internet issues are still possibility for cryptocurrency to accepted by

all the countries and become future money.
 Security risk
 Market risk (volatile market) The discussed literature so far only talks about how
 Hacker cryptocurrency have benefited developed countries,
what are the challenges and benefits that can be
V. Nepal and Cryptocurrency
achieved by developing countries after implementing
Nepal is a land locked country surrounded by two
cryptocurrency, what is the future of cryptocurrency,
economic giants of Asia, India in East, West and South
etc. Case study of countries like Australia, Nigeria,
and China in North. Nepal Rastra Bank (NRB) is the
India, etc. were studied and based on that the potential
central bank of Nepal. NRB is the monetary,
and challenges of cryptocurrency were identified. But
regulatory and supervisory authority of banks and
no paper talks about what will be the challenges and
financial institutes of Nepal. NRB has announced that
potentiality to implement cryptocurrency in country
it does not allows transaction of any cryptocurrency
like Nepal. 2 newspaper article on Nepal was also
and will consider it as illegal in Nepal Rastra Act and
reviewed but none of them explained the challenges as
2019 Foreign Exchange Regulation Act (Rana, 2019).
well as potential of implementing cryptocurrency in
Nepal is very much influenced by India. India has not
Nepal. Therefore in future, this paper will attempt to
banned use of cryptocurrency and also not considered
identify the prospects and challenges of implementing
its use as illegal, so in future there is possibility that
cryptocurrency in Nepal. In future, the researcher can
Nepal also allows cryptocurrency and transaction via
interview the focused group of Nepal financial sectors
cryptocurrency can be legal. Digital currency will
to identify the clear and detailed reason of challenges
obviously make transaction easier, secured and
as well as possibilities of implementing
transparent so Nepal can also present itself as a part of
cryptocurrency in Nepal.
study for using or implementing cryptocurrency (Rijal,
2017).

VI. Conclusion and Future Work

This paper or literature review argues that despite of
challenges and some disadvantages of cryptocurrency,
it is the evolution in financial sectors and provides
secured and transparent financial transaction as well as
increase financial inclusion. Also in general the
cryptocurrency have positive impact in developing
 Research Methodology in Computing and Engineering (CT053-3-M)

The following tables shows the journal and articles collected to conduct this research.
Article Full Reference Main Research Main Results/ Issues Why is this Other
(Harvard Question(s)/Objective(s) paper Relevant? Remarks
Referencing Style)
1 (Holtmeier & What opportunities arises Crypto currencies creates This paper This paper is
Sandner, 2019) through use of crypto access to world market for depicts the based on
currencies in developing business. impact of qualitative
countries? Crypto currencies are crypto analysis
Fiat Currency vs Crypto useful for remittance currencies in based on
Currencies? payment developing Experts
How can use of crypto Crypto currencies helps to countries. Interview.
currencies helps in execute transactions much It also
improvement of financial faster and cheaper than highlights the
inclusion? traditional transfers. challenges and
Brings transparency. benefits of
The benefits of these implementing
crypto currencies heavily crypto
depends on mass adoption currencies.
and fulfillment of three
major functions of money
Impact of crypto
currencies in developing
countries are not best
because of outdated
technology and skilled
manpower

2 (Liu & Tsyvinski, Does cryptocurrency market Cryptocurrency have low This paper Bitcoin,
2020) behaves similarly to the exposures to stocks, describes the Ripple, and
stock market? currencies and characteristics Ethereum are
Can cryptocurrency serve as commodities. of the
another medium of Return of cryptocurrency cryptocurrency. cryptocurrenc
exchange like Dollar, Euro, can be predicted by two Explains risk ies studied in
etc? factors specific to its exposure of this research
What is the impact of markets – momentum and Cryptocurrencie paper.
exposure cryptocurrency on investors attention. s exposures to
Cryptocurren
 Research Methodology in Computing and Engineering (CT053-3-M)

precious metals Blockchain technology Explains cies of

commodities? used by cryptocurrencies exposure of 354 industries
has a potential industry groups in the US and
to affect a number of to the 137 industries
important industries. cryptocurrency in China are
risks. indexed in
this paper.
3 (Al-Amri et al., What research topics have Cryptocurrency is the This paper This paper
2019) been addressed in buzzword in today's era. explains what have
cryptocurrency adoption? This research paper focus research have researched on
What models have been that there are lack of been 25 researched
used to carry out study focusing on factors undertaken in articles that
cryptocurrency adoption that significantly cryptocurrency, focused on
research? influence on acceptance what are the adoption of
What are the directions for of cryptocurrency. future works to cryptocurrenc
future research on the Also there is also lack of be done in y and were
adoption of cryptocurrency? technology acceptance cryptocurrency. published
model used to address from 2014 to
cryptocurrency issues. 2017
4 (Scott, 2016) How Bitcoin can help to Bitcoin can play the role This paper This paper
provide technology potential of tool used for financial explains about provides an
which helps in facilitating inclusion or as a tool to the claims made overview of
remittances, financial build new systems of by Bitcoin in some
inclusion and other micro- property rights in positive role of dynamics
insurance systems? countries with unstable financial within
governance. inclusion; how Bitcoin and
Implementing blockchain blockchain blockchain
(Blockchain 2.0) technology technology
technology in Bitcoin make Bitcoin that might be
helps to gain trust from more trust of interest to
distributed collaborative worthy and social and
organizations or financial secured. solidarity
sectors. finance (SSF)
practitioners
5 (Westhuizen, What is the legal nature and ATO does not treat virtual Provides an This paper is
2017) status of Bitcoin? and digital currencies overview on the the thesis that
such as Bitcoin as a development of consider
 Research Methodology in Computing and Engineering (CT053-3-M)

To what extent is Bitcoin currency but as a Bitcoin in an Australian

considered ‘money’ and commodity and therefore historical banking,
legal tender in Australia? similar to a barter context. money
What legal issues does the transaction. Explains laundering
use of Bitcoin in an Bitcoin is not classified as whether Bitcoin and taxation
unregulated environment legal tender is considered legislation
create and not readily accepted ‘money’ and and
for consumers and by most banking therefore a examines
businesses and in particular institutions, because of currency or whether these
the Australian banking the criminal legal tender. regulatory
industry? activities it can promote. Examines frameworks
How has Bitcoin been Particular regulation or selected legal are suitable to
regulated in other policy consideration is issues namely, include
jurisdictions that might needed to deal with the financial Bitcoin as a
inform the challenges Bitcoin create institution payment
development of an security system in
appropriate regulatory within a Bitcoin order to limit
framework? transaction, money
What are the current money laundering
regulatory mechanisms for laundering and and tax
Bitcoin and to what extent tax evasion. evasion
should regulation of Bitcoin activities
be developed within within
Australia? Bitcoin
payment
systems
6 (Hileman & What are key Unique active users of This paper The study
Rauchs, 2017) cryptocurrency industries? cryptocurrency wallets is provides the gathered
On the basis of daily estimated to be between information of survey data
transaction performed, 2.9 million and 5.8 different types from nearly
which cryptocurrency is million. of 150
widely used? The lines between the cryptocurrency cryptocurrenc
How many employees are different cryptocurrency industries y companies
estimated to work in industry sectors are available; and
cryptocurrency industry as increasingly blurred. which are individuals,
full time job? At least 1,876 people are leading and it covers
working full-time in the industries. 38 countries
 Research Methodology in Computing and Engineering (CT053-3-M)

cryptocurrency industry, This paper also from five

but the actual total figure systematically world
is expected to be above investigate key regions. The
2000 people. cryptocurrency study details
On average, national-to- industry sectors the key
cryptocurrency payments by collecting industry
constitute two-thirds of empirical, non- sectors that
total payment company public data have emerged
transaction volume; and the
national-to-national different
currency transfers account entities that
for 27%; and inhabit them.
cryptocurrency-to-
cryptocurrency payments
account for 6%.
70% of large miners rate
their influence on
protocol development as
high or very high,
compared to 51% of small
miners.

7 (Kesa & Mahoro, What are the prospects and The market capitalization This paper This research
2019) challenges of developing of cryptocurrency highlights what paper
Rwandacoin? industry is not stable are the assumes that
What are the potentials of because of high volatility prospects and the
Rwandacoin easing inter- and this arises fear in challenges to government
country trading in East banks so they reject implement of Rwanda
Africa? integration of cryptocurrency would be
cryptocurrency. in Rwanda. interested in
Government regulation is cryptocurrenc
major concern for y and there is
integrating no existing
cryptocurrency. national
Government hat tight cryptocurrenc
control over traditional y in Rwanda.
banking system which
 Research Methodology in Computing and Engineering (CT053-3-M)

may not apply if A survey was

cryptocurrency is conducted in
implemented. Rwanda with
The likelihood of people 45 responses
using national
cryptocurrency is high.
8 (Jani, 2018) Will Cryptocurrency be the The Bitcoin has India and Nepal The paper
next currency platform? maximum dominance in economy analyses the
Are virtual currency the cryptocurrency market system are way in which
platforms safe with around 45% of similar in many 21 different
enough to be used? market share & market cases. This countries
capitalization of $142.2 paper describes have
Billions (Rs 9.25 Trillion) the issues and responded in
Using virtual currency challenges of terms of
varies from platform to cryptocurrency regulations &
platform; first is in form in India. This legislations
of loyalty points; second research paper towards
is social games; third is also explains Cryptocurren
social networks and future of cies to
finally peer to peer cryptocurrency develop a
network. in India. clear picture
The use of virtual Almost a clear of its impact
currencies in different picture of the on various
systems is increasing day size of laws in India
by day which indicates cryptocurrency in order to
that the trust of using is presented in regulate
them is also increasing. this research. it.
More than 48% believe This paper
that using virtual currency investigates
is trustworthy and also the user’s
agreed that using virtual expectations
currency is safer than of the future
using real money. of
The future of cryptocurrenc
Cryptocurrency concept is y
promising, revealing more
opportunities to bring
 Research Methodology in Computing and Engineering (CT053-3-M)

positive changes
and progress to e-
Business and e-Payment
sectors but there are some
still some issues like
security threats, impact on
real monetary system,
money laundering,
unknown identity risks,
black market in
cryptocurrency, etc.

9 (Ng & Griffin, What is impact of a national Convenient, Low Cost, This paper This paper
2018) cryptocurrency on the Decentralized, shows history also
payment landscape in the Transparent, Security, etc. of highlights
midst of the rise of global are the factors that helps Cryptocurrency that the use of
public Cryptocurrencies? in growth of & Key Global regulatory
Is central banks interested in cryptocurrency and these Developments sandbox
a possible national factors are the reason for approach can
cryptocurrency? central bank to provide be useful to
attention towards national encourage
cryptocurrency. Central innovation of
bank is not only attracted new and safe
towards Bitcoin but also technology
towards its technology. in the
Players like consumers, financial
banks, merchants, sector with
corporates, central bank, the objective
international money of increasing
transfer operators. etc. are efficiency,
affected by managing
cryptocurrency in the risk better,
payment process. creating new
There are also some risk opportunities
factors of cryptocurrency and/or
like, data privacy, improving
financial crisis, etc.
 Research Methodology in Computing and Engineering (CT053-3-M)

towards which central people’s

bank is concerned. lives.
10 (Frebowitz, 2018) What legislative options are This thesis concludes that This paper is This thesis
available to sovereign sovereign states have had essential breaks down
states to maximize the limited success in because it the legislative
effectiveness of sovereign preventing illicit use of highlight the actions
laws while limiting cryptocurrency, after method and countries may
undesired investigating the difficulties of take into
cryptocurrency use? legislative actions of regulating three
countries like China, the cryptocurrency; categories—
United States and Russia. what are the prohibition,
Used as method of reason for regulation,
payment within criminal banning and
network; weakening the cryptocurrency adoption—to
ability of state to control by government; investigate
the flow of capital; what are the the benefits,
restricts the ability of advantages of limitations,
citizens to rally against implementing and effects of
the state; eliminates cryptocurrency. each policy
excessive energy
consumption in mining
might be some of the
reason which encourage
state to ban
cryptocurrency.
Cryptocurrency’s
potential to interconnect
the globe and uplift the
unbanked in poverty-
stricken states, or to be
used by sanctioned
countries to bypass
international laws, makes
cryptocurrency a
potentially powerful and
disruptive tool for
sovereign states
 Research Methodology in Computing and Engineering (CT053-3-M)

11 (DeVries, 2016) Can Bitcoin contributes to a Bitcoin has begun to This paper The block
shift in economic carve itself a niche performs chain
paradigms? market, which could help SWOT analysis technology
advance cryptocurrencies of Bitcoin, thus,
that acts as
further into becoming this paper helps
Bitcoin's
mainstream; or be the to understand
backbone
main cause of it failing. internal and
has potential
Cryptocurrencies external factors
are still in their infancy, influencing uses in other
and it is difficult to see if Bitcoin. ways, such
they will ever find true as smart
mainstream presence in contracts
world markets.
The Bitcoin community is
striving to push into the
mainstream through
innovation and solving
old problems.

12 (Saiedi et al., What drives in adaptation of The apparent failure of This paper This paper
2020) cryptocurrency traditional financial studies the based on
infrastructure? systems supports for the determinants of hypothesis
What drives in the encouragement of adoption of that The
adaptation of Bitcoin? adoption of infrastructure stronger the
cryptocurrency. supporting rule of law,
People's low trust towards bitcoin’s use as the greater
bank and financial system a digital the adoption
and occurrence of currency. of Bitcoin
inflation-crisis can also be infrastructure
another motivating factor
adaptation of
cryptocurrency.
The usefulness of
cryptocurrencies in
engaging into illicit trade
partly drives in adoption
of Bitcoin.
 Research Methodology in Computing and Engineering (CT053-3-M)

Despite the much-touted

promise of bitcoins and
blockchain technologies
in increasing financial
inclusion and poverty
reduction, it is the
countries where such
issues are less poignant
that have the strongest
penetration of Bitcoin
infrastructure

13
14
15
 Research Methodology in Computing and Engineering (CT053-3-M)

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