The National Bank of Rwanda, the central bank of Rwanda, is studying ways to issue its digital currency, according to a Bloomberg report. The central bank plans to use its digital currency to improve transaction processing and stimulate economic growth. According to Peace Masozera Uwase, general manager of the bank's financial stability, expects to learn from the experience of the central banks of other countries such as Canada, Singapore and the Netherlands while searching for cases of use of blockchain technology.
"There are still doubts about how exactly the entire currency is converted into digital form, how to distribute it and how quickly such transactions can be processed," Uwase said. "The challenges come, if the technology doesn't work, how do you manage those problems? "We will join when we are ready."
Earlier this month, The Block reported that a senior Chinese central bank official announced that the country will soon launch its central bank digital currency.