Can blockchain and cryptocurrency save Nepal’s inefficient economy?

blockchain and cryptocurrency in nepal

A country like Nepal can benefit a lot from this technology. it gives millions of opportunities to create jobs, Resources, wealth and help get funding for agriculture, tourism, manufacturing, hydro, and mining projects in Nepal. We don’t need to invest a single cents, major investors will inject billions of $ themselves

well carbon footprint of harvesting all blockchain mathematical value is pretty high, and about ledger management that’s another beast which needs electricity. If the population number is billion then it would make financial sense but for people around 28 million, that’s expensive. but not really. We have 7 billion people across the globe and our electricity capacity is over 84000 megawatts. We can be one of the largest electrify suppliers in the world that needs trillions of $ in production

Just one example of how blockchain can disrupt the travel industry. Read this Forbes news. This can be implemented similarly in all sectors. Because of the globalizing of the world, traveling has become a major past time for a variety of people. Shoestring backpackers and corporate millionaires are taking to the skies, crossing borders, and experiencing the shrinking of our world through the travel industry.

If you know how to write blockchain, and understand the core development, YES, else just holding no. Not even mining.

Well, .block chain eliminates. agents and brokers in all sectors. Blockchain provides transparency. We don’t even need a token to back something. the technology itself is so beautiful that any government can make a lot of use cases on top of it. Blockchain is not illegal in Nepal. only the currency backing them. like the Bitcoin.we can build a stable blockchain that can eliminate all problem we have in our financial situation and at least make them transparent.

We have 3 major resources and challenges of funding

  • Agriculture
  • Tourism
  • Water Resources

Agriculture – We can use blockchain to fix the price of each good and independently code for each good and measure the quality of goods. It gives power to the farmers an opportunity to buy quality goods to the consumers. The government-led agri-token can raise billions of $ to fund farmers so Nepal can be one of the biggest goods suppliers in southeast Asia.

Tourism – there are many ways to use blockchain in Tourism. And since Nepal currency is not used outside Nepal and India, crypto can lead us to the global market. The government-led tourism-based crypto will help bring Billions of $ in Nepal and create hundreds of thousands of jobs

Water Resources – this is one of the biggest opportunities for Nepal to regulate crypto and offer Crypto Mining opportunities to global miners. This will attract the biggest crypto miners and they will be happy to invest billions of $ For mining in hydro projects. Just because the government offers this, they will not only invest in mining, they will be the major investor in many hydro projects of Nepal 🇳🇵. This will not only create hundreds of thousands of job but give power behind major crypto mining operations. This is HUGE. Not a small deal. Nepal can be the next safe heaven of the 20th century.

To attract

  • Should offer tax-free for at least 5-10 years for all sectors from manufacturing to agriculture funding over $50m
  • Cuts on electricity and land rental (Government should provide lands and access to roads and electricity with special benefits)
  • Security of operations and investment with one door system
    Benefits for Nepal:
  • Creates millions of new jobs
  • Attract younger generation to technology and businesses
  • The government makes a huge amount of money from taxes and benefits after 5/10 years of operations.
  • The government shouldn’t think about tax and benefits while planning to become the next Vietnam or Switzerland. Government key policy should go for industrial development, manufacturing, hydro plants development, tourism promotions and all, this will create jobs, roll $billions on monthly basis, financial institutions and citizens per capita capacity will grow.

let me give one scenario of how cryptocurrencies and digital wallets have the potential of helping Nepal’s inefficient economy.

Traditionally coming to our farmers in Nepal have a low level of education and lack of banking access. This seriously restricts their ability to raise funds, do business and sign totally fair legal agreements and contracts. For now, With the advent of digital wallets like Khalti and Esewa in Nepal. Farmers who work in rural areas where it’s very hard to reach any bank, now have the option to instantly pay and receive payments for their goods through digital currency, instead of leaving their work and going to market or the bank office for such services. Which will make them a lot efficient.

Once educated on online payment systems, Such farmers can also be taught to list and sell their goods online on e-commerce platforms cutting the unnecessary middleman and shady contracts, also their transactions fee compared to traditional banking will be significantly smaller and hopefully digital wallets here too in future will provide loans based on your digital transactions and credit score systems.

Digital wallets also can sort of act as an insurer and guarantor of the agreement. You can claim dispute, fraud, and misuse to your wallet provider if you feel you have been wronged. Such ideas and practices are still in infancy here. But payment systems like PayPal, Apple pay and Alipay have many advanced systems to enforce that both sellers and buyers follow best practices. Implementing such rules here will definitely benefit a lot of farmers who currently have no option of signing a fair agreement or at worst dealing with a fraud.

Innovation in cryptocurrencies is making such above mentioned benefits even more efficient, by providing even less transaction cost, potential to sell goods worldwide in digital coins. And with blockchain systems like consensus mechanism to ensure flexible yet secure contracts. In theory, a farmer in Karnali just with the access of the internet and a single phone can negotiate 100% secure contracts, ensured by blockchain verification network to any buyer in Nepal or the world. And get paid on time and exact day stipulated in the contract. With tiny transaction costs.

Blockchain technologies are powerful tools with huge potential. If used properly will no doubt help to increase the efficiency of thousands of such farmers, labors and generally everyone in the whole economy?

Read more to learn more

How to earn money online in Nepal.

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