Central Bank of Rwanda begins developing its own digital currency

Central Bank of Rwanda begins developing its own digital currency

Why central banks want to launch digital currencies | CNBC Reports

The Central Bank of Rwanda is developing a national digital currency, with help which hopes to improve the efficiency of transaction processing and stimulate economic growth.

By words Masozera Uwase, Head of Financial Stability, an African country studying the experience of the central banks of Canada, Singapore, the Netherlands and others, which already explored the potential and prospects application blockchain technology.

However, the working group does not want to rush to launch due to fears of uncertainty about the functioning and turnover of a future asset. In particular, mechanisms for converting fiat into digital form, distribution methods and channels, as well as the speed of transaction processing are discussed..

Masoser Uwase says that they want avoid problems related to functioning technologies, which will have to be solved on the go, so launch will occur when all will be ready.

Central Bank of Rwanda begins developing its own digital currency

Central Bank of Rwanda is proactive on the market cryptocurrencies. An official warning was issued at the end of May for population about various fraudulent schemes in this sphere used in country, and also gave recommendations on protecting investments from intruders.

In June The IMF published a report stating that digital currencies and fiat-linked cryptocurrencies are becoming more popular and able to supplant traditional money.

text: Ivan Malichenko, a photo: Bloomberg

Central Bank of Rwanda begins developing its own digital currency

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