The National Bank of Rwanda (NBR), which is the central bank in the country, is has said that it is considering its options and looking at how the East African country can issue its own national digital currency. Currently being called the The central bank is reportedly interested in seeing whether it can take advantage of the technology’s potential benefits to improve financial transaction speed and efficiency and expand Rwanda’s economy growth.
Rwanda follows on the steps of South Africa which earlier in 2019 also announced that it is looking into a central bank backed digital currency.
“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 technology is down how do you deal with such issues? We will join in once we are ready,” Peace Masozera Uwase, Financial Stability Director-General at NBR, is reported to have said.
Furthermore, Uwase also added that Rwanda's central bank will also research what other central banks around the world have been doing as far as creating a national digital currency is concerned. The biggest concern, according to Uwase, is that of fraud. With the second concern being around the speed and volume of transactions once Rwanda's currency is digital.Share this article via: