Rwanda’s Central Bank Studies the Potential Development and Issuance of Digital Currency

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

The National Bank of Rwanda (NBR) is exploring other research done by central banks on the subject, notably the De Nederlandsche Bank (DNB), Regal Bank of Canada, and the Monetary Authority of Singapore, a report from BNN Bloomberg stated.

Financial stability director-general Peace Masozera Uwase was cited as saying that conversion problems are on top of the central bank’s mind.

“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,” Uwase told the news outlet.

The announcement comes three months after an alert from the central bank on cryptocurrency scams. The NBR recorded a few known scams working inside the nation and gave recommendations on investment security from con artists.

The possible issuance and development of a Rwandan cryptocurrency comes down to a question of technology, Uwase said.

According to Uwase, “Challenges come in. If technology is down how do you deal with such issues? We will join in once we are ready.”