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4 weeks ago

Rwandan’s central bank is researching a possible digital currency launch

Rwanda’s central bank is studying and working on the development and issuance of its own digital currency.

According to a report from BNN Bloomberg, the National Bank of Rwanda (NBR) is looking at the works and other research conducted already by central bank on the topic, specifically the Royal Bank of Canada, De Nederlandsche Bank (DNB), and the Monetary Authority of Singapore, 
Conversion issues are already at the forefront of the central bank’s mind, this statement is according to the Financial stability director-general Peace Masozera Uwase.

Uwase also told Bloomberg that:

 “ Concerns are still up about how exactly you convert the entire currency into digital form, including how to distribute that and also how fast can you process those transactions,” 

The report comes three months after an alert from the central bank on cryptocurrency scams. The NBR gave tips on investment protection from scammers and equally listed several known scams working within the country.
Definitely, the eventual issuance and development of a Rwandan digital currency comes down to a question of technology and the challenges that comes with it. We are working on it and once we are through, we will join in, Uwase concluded.

Credit: William Foxley

Florence Anusionwu

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