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Rwanda's Central Bank Is Researching a Possible Digital Currency Launch - CoinDesk (coindesk.com)
Rwanda’s central bank is studying the development and issuance of its own digital currency.

The National Bank of Rwanda (NBR) is looking at other research conducted by central banks on the topic, specifically the Royal Bank of Canada, De Nederlandsche Bank (DNB), and the Monetary Authority of Singapore, according to a report from BNN Bloomberg.

Financial stability director-general Peace Masozera Uwase was quoted as saying that conversion issues are at the forefront 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 Bloomberg.

The report comes three months after an alert from the central bank on cryptocurrency scams. The NBR listed several known scams working within the country and gave tips on investment protection from con artists.

Ultimately, the eventual issuance and development of a Rwandan digital currency comes down to a question of technology, 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,” Uwase said.

Rwanda image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
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    Thapelo Erule Sales Manager at KPGM Gaborone Eye opening article!
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    Kristal Saints Content Creator at Cristal Saints Rwanda’s Central Bank is switched on as to where the future of the global financial system is heading as well as setting a clear example to other African countries that have not yet been opened to the possibility of this problem solving technology. By offering a digital currency the expectations are to increase transaction efficiency and foster an important economic growth but before this could be implemented they’re aware work and research needs to be done before launching it, a responsible approach indeed.
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    Francisco Gimeno - BC Analyst Rwanda has strongly adopted a way forward to be a full digital educated African nation. It is adopting strategies to reach this goal which many other African countries are not even starting to think about. With all its problems, Rwanda's Central Bank thinking about cryptocurrencies is a huge step compared not just to other African countries' Central Banks, but also globally.