Rwanda will Create its Own Digital Currency

The Rwandan central bank is looking into creating a digital currency to boost the country’s economic growth.

The People’s Bank of China announced that its digital currency could “be considered ready”, without specifying an exact date for its launch. It should also be remembered that the Bank of Canada and the Monetary Authority of Singapore have also successfully completed the first cross-border payment trial using digital currencies from central banks.

Rwanda is also in the list; it seems that the central bank of this country is studying the possibility of creating a digital currency.

Actually, the Director of the Financial Stability Department of the National Bank of Rwanda, Peace Uwase, said the public financial institution was studying the possibility of launching a digital currency.

According to the CEO, the use of a digital currency would provide a more efficient payment infrastructure and could help revive the local economy.

Uwase explained during an interview, reported by Bloomberg:

“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 said. “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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