Rwanda’s Central Bank is Planning to Issue Its Own Digital Currency
Rwanda’s Central Bank, the National Bank of Rwanda is researching ways to issue its own digital currency.
Reported by Bloomberg, the National Bank of Rwanda plans to issue its own digital currency to boost economic growth and improve transaction processing. The Financial Stability Director-General Peace Masozera Uwase stated that they would be learning from the central banks of Canada, Singapore and the Netherlands where they have tested with blockchain technology in an interview in Kigali, the capital of Rwanda.
“There are still concerns about how exactly you convert the entire currency into digital form, how to distribute that, and how fast can you process those transactions. Challenges come in if the technology is down how do you deal with such issues? We will join in once we are ready.”
Recently, the Central Bank of China also announced that its digital currency can now be said to be ready.
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