Rwanda could be the first African country to launch own cryptocurrency
- Rwanda’s central bank hopes to improve transaction and boost economic growth.
- The NBR admits that there are existing changes that might make it difficult to roll out the digital currency.
The central bank of Rwanda, an East African country, the National Bank of Rwanda (NBR) is said to be carrying out a feasibility study that will set form the framework of a government-backed digital asset. With this digital asset, NBR hopes to improve transaction and boost economic growth.
According to a report by Bloomberg, the central bank is looking into the developments made by other nations like Singapore, Canada, and the Netherlands. The NBR admits that there are existing changes that might make it difficult to roll out the digital currency. The director-general financial stability department, Peace Masozera Uwase says:
“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.”
The government while inclined to the idea of having its own cryptocurrency has no time for cryptocurrency related scams. In fact, in May a warning was released against Pyramid Schemes, Network Marketing Programs as well as scam coins.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
