Rwanda’s Central Bank May Launch Its Own Digital Currency

The Central Bank of Rwanda is currently studying the possibility of creating its own digital currency right now. According to the reports, the bank is currently looking at the studies which are being made in Canada, Singapore, and the Netherlands.

These three countries have already started to experiment with the technology, so Rwanda will try to learn as much as possible from their projects.

According to the financial stability director of the bank, a man named Peace Masozera Uwase, the main obstacles to create a digital currency are related to conversion. He affirmed that there are still several concerns about how to convert the national fiat currency into something digital and how fast you can actually make the transactions be.

Bitcoin, for instance, takes a lot of time to complete its transactions. This is the main issue that the bank will try to avoid if the project moves forward.

Uwase also affirmed that the main point that will determine whether the bank will actually be able to implement the system or not comes from technology. If the tech available is enough to create the assets, they will be done, if it is not, then there is simply not any way to implement it. Because of this, the bank is studying the scenario as much as possible to find the solutions.

Another problem might be scammers. Some months ago, the local government warned investors against crypto scammers. With the possible launch, more campaigns will need to be made to explain the new technology to people and how to avoid people with evil intentions.

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