It has been reported today that the Rwandan Central Bank is said to be looking into a digital currency.
The national bank wants to learn from the experiences of central banks such as the Royal Bank of Canada, Singapore (MAS) and the Netherlands (DNB), which have tested the use of blockchain technology recently.
“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.”
(Source: Bloomberg)
Recently central banks around the world have been seriously stepping up their efforts to keep up with the likes of Bitcoin. China’s PBoC is the latest bank to press ahead with the issue and are said to issuing their project before Facebook’s Libra.
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