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Rwanda's Central Bank Is Researching a Possible Digital Currency Launch

The National Bank of Rwanda (NBR) is looking at other countries, specifically Canada, the Netherlands, and Singapore’s central bank digital currency research.

Aug 22, 2019 at 6:30 p.m. UTC
Updated Sep 13, 2021 at 11:22 a.m. UTC

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

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