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.”
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.