Rwanda’s central bank, the National Bank of Rwanda

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Gate Trade News Friday, August 23, 2019 20

 

Rwanda’s central bank, the National Bank of Rwanda, is researching how to offer an official digital currency.

 

Bloomberg reported the news on Aug. 22. The central bank is said to be interested in offering digital currency as a means to increase transaction efficiency and foster economic growth. However, Financial Stability Director-General Peace Masozera Uwase warned work remains to be done before implementation is on the table, adding:

 

“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.”

 

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