The Republic of Rwanda is studying the decision to issue an official digital currency
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Answer The Republic of Rwanda is studying the decision to issue an official digital currency
The Central Bank of the Republic of Rwanda is looking at multiple ways to issue an official digital currency.
According According to the report issued by Bloomberg, the central bank intends to launch an official digital currency to improve the processing of financial transactions and boost economic growth.
As the Director General of Financial Stability at the Central Bank of Rwanda stated: “We started by learning from the experiences of other central banks such as Canada, Singapore, and the Netherlands, and looking for suitable use cases for blockchain technology.”
He added, “There are still concerns about the mechanism of converting the entire traditional process into an official digital currency, how it will be distributed, and how quickly these transactions will be processed.”
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It is worth noting that a number of countries are looking for the possibility of offering an official digital currency to improve financial transactions and reduce the costs of remittance fees, including what we mentioned recently about China’s desire to launch an official digital currency.
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