Rwanda's central bank researching official digital currency

The National Bank of Rwanda, Rwanda's central bank, is researching ways to issue its own digital currency, according to a report by Bloomberg. The central bank plans to use its digital currency to improve transaction processing and boost economic growth. According to Peace Masozera Uwase, the bank's Financial Stability Director-General, it plans to learn from the experience of other nations' central banks such as Canada, Singapore, and the Netherlands when researching the use cases of blockchain technology.

“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.”

Earlier this month, The Block reported that a senior official at China's central bank announced the country will soon roll out its own central bank digital currency.