The dominance of stablecoins shows that ordinary people just want a safe haven; no one cares whether it's legal or not.

Crypto-related news outlet reports that the latest report released by the International Monetary Fund (IMF) says that although Nepal has fully banned all cryptocurrency trading, mining, and related activities since 2021, the country’s cryptocurrency adoption still grew significantly between 2019 and 2024. IMF data shows Nepal’s cryptocurrency inflows were negligible in 2020, before surging in 2021 to more than $2.6 billion, at one point accounting for over 13% of its gross domestic product (GDP), with stablecoins taking up a larger and continuously growing share. By early 2025, its cross-border cryptocurrency flow is about 5% of GDP. The IMF strongly urges Nepal’s authorities to closely monitor this industry and establish a regulatory framework that meets international standards to prevent capital controls from being circumvented and large-scale deposit outflows.