While there are still quite a few countries that are not exactly in favour of cryptocurrency, there are still those who are looking into all of its uses and benefits, especially with the adoption of Central Bank Digital Currencies (CBDCs). Reports now have it that the Central and East African country of Rwanda, is officially looking into the possibility of its own digital currency. The Rwandan government has suggested in the past that crypto might be worth looking into.
The country’s apex bank, the National Bank of Rwanda (NBR) is said to be considering research already done by central banks in other countries including the Monetary Authority of Singapore, the Royal Bank of Canada and also De Nederlandsche Bank (DNB). Regardless, there might not be a launch anytime soon as an official has advised there is still a lot of work to be done before any issuance. According to Peace Masozera Uwase, the Financial Stability Director-General:
“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.”
Rwanda is now part of a few other countries still actively researching their own currencies including Ukraine, Sweden, the Bahamas and China. China might be the closest to a launch as recently, the People’s Bank of China (PBoC) revealed that an official Chinese digital currency is ready, even though no launch date was announced.
Uwase has however added that for Rwanda, the technology is very important and would be unveiled only when that is handled.
“Challenges come in [and] if technology is down, how do you deal with such issues? We will join in once we are ready.”
Image Credits: Stock Photo Secrets