The Central Bank of Rwanda Explores the Possibility of Issuing Its Own Digital Currency

The National Bank of Rwanda (NBR) is exploring the possibility of issuing digital currency. It is studying the research conducted by central banks on digital currencies. In particular, such studies were carried out by the Royal Bank of Canada, De Nederlandsche Bank (DNB) and the Monetary Authority of Singapore, according to a report by BNN Bloomberg.

Financial stability director-general, Peace Masozera UWASE, said that conversion problems are considered a big problem for the central bank today:

“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.”

The initiative started three months after the central bank issued a warning about fraudulent activities with cryptocurrency. NBR listed several well-known scam projects operating in the country and gave advice on protecting investments from fraudsters. According to Uwase, the possibility of issuing and developing the Rwandan digital currency so far comes down to the issue of technology and its implementation.

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