By Abdul Rahman Suagibu –
NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- Rwanda’s Central Bank possibly would be the first African Central bank to bethink the issuance and implementation of its own digital currency in the African economy. The bank ettles at making transactions more efficient and convenient and contributing to economic growth.
From news reports, the National Bank of Rwanda is elucubrating the collective activities of other reputable national banks, like the Royal Bank of Canada, De Nederlandische Bank (DNB) and the Monetary Authority of Singapore.
Should the secret supporter currency proves futile, Rwanda might inevitably issue crypto currency, that would be similar to the one that is underway in China. The currency if launched will make Rwanda among the pioneers of digital transformation in Africa and might eventually inspire other African countries to create similar products.
Peace Masozera Uwase – Financial Stability Director General noted that “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 transaction.”
“Challenges come in if the technology is down how to deal with such issues?
“We will join in once we are ready”, Uwase said.
Rwanda is an African country with a central bank that’s technologically inclined and takes significant strides to ascertain the financial safety of the citizens. In May 2019, the National Bank of Rwanda alerted the public (citizens) about Ponzi Schemes, some of which involved crypto currencies. In the statement released by the central bank of Rwanda; investors were warned against discriminate investments and advised to take protective measures against scam investment schemes.
For New Africa Business News Abdul Rahman Suagibu Reports, Africa Correspondent
AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com