The National Bank of Rwanda is looking into the possibility of establishing their digital currency.
The studies are being conducted on existing experiences from central banks from Canada, Singapore and the Netherlands.
These three countries have already started dabbling with the possibility of their digital currency.
According to BNN Bloomberg, the Financial Stability Director-General Peace Masozera Uwase stated: “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. Challenges come in if the technology is down how do you deal with such issues? We will join in once we are ready.”
According to Uwase, the biggest concern will be how they will convert the national currency into something digital.
He also faces concerns regarding the pace in which the transactions can be implemented.
These issues are concerning as Bitcoin transactions can take a bit of time to be completed.
This is a hindrance that the central bank wants to avoid completely as it moves its plan forward.
The case of fraud is also alarming, and presents itself as a potential threat.
If the new currency is launched, citizens will constantly need to be updated about scams and avoid being victims of crypto-scammers.
Sources
