The Rwandan Central Bank plans to create a cryptocurrency

General Information

Crypto-enthusiastic and pro-Blockchain, Rwanda is one of the most dynamic countries in terms of digital technologies. Recently, his central bank reported a project to study a national cryptocurrency to promote local economic growth.

Rwanda is considering Crypto

Like the Chinese PBoC, the Rwandan central bank is not insensitive to cryptocurrencies.

Conceptualized as a transition to a new economy, digital currencies represent many benefits that have not gone unnoticed by Rwandan financial observers.

Recently, the institution mentioned in a publication its ambition to create a digital currency in order to increase transactions.

With this in mind, project leaders expect industry pioneers such as Canada, Singapore and the Netherlands to serve as benchmarks.

Many challenges to take up

According to the statement of Masozera Uwaze, the director general of financial stability, many steps have to be taken before launching this digital currency specific to the Rwandan bank.

“How do you convert the entire currency into a digital format, how to distribute it, and how fast can you handle these transactions, still cause concern? We will participate once we are ready, “he said, raising the issue of technical and political adoption of cryptocurrency.

That said, the Rwandan bank could find its bearings soon, thanks to the accelerated development of projects in China, which is about to launch its cryptocurrency following the announcement of Facebook’s Libra.

In addition, Rwanda would also become a pioneer of digital technology and serve as a model for the African continent, eager to regain a place in the international economic chessboard.

What do you think of these ambitions of the Rwandan Bank in digital money? Comment in the comments section.

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