The International Monetary Fund (IMF) noted a significant increase in cryptocurrency use in Nepal, despite a complete ban in the country.
According to the organization’s report, the influx of digital assets in Nepal began to rise sharply in 2019. By 2021, transaction volumes exceeded 13% of the country’s GDP, amounting to $2.6 billion. By 2024, the figure stabilized at 8%. The majority of operations involved stablecoins.
In 2021, Nepal’s central bank banned trading, mining, and any operations with digital assets. However, IMF statistics showed that the measures were ineffective. In terms of crypto flows, the country surpassed neighboring Myanmar and Bangladesh, but significantly lagged behind Vietnam.
The IMF recommended that authorities shift from bans to regulation according to international standards. According to the fund’s experts, this would help control the outflow of bank deposits and prevent circumvention of currency controls.
Experts noted that the use of digital assets for remittances and trading makes them in demand even in closed markets. Nepal’s experience with blocking social networks also demonstrated the ineffectiveness of such restrictions: residents massively switched to decentralized services.
The IMF will continue to monitor Nepal’s financial stability. The organization insists on implementing consumer protection mechanisms in the crypto industry.
In April 2026, the International Monetary Fund warned that the growth of the RWA market could increase risks to the global financial system and accelerate the spread of crises.
