The Central Bank of Rwanda joins other countries' initiatives to study and develop the national digital currency on blockchain.
The National Bank of Rwanda is studying the experience of other central banks in this field, such as the Bank of Canada, the Netherlands Bank and the Monetary Authority of Singapore.
The Director for Financial Stability of the Central Bank of Rwanda, Peece Uwase, said: "Doubts still remain about how to digitize an entire currency, how to distribute it and how quickly such transactions will be processed.
He also expressed concern about how the system will work if the technology suddenly fails. "We will join you as soon as we are ready," Uvase added.
In May, the Central Bank of Rwanda issued an official warning regarding the spread of cryptocurrency fraudulent schemes. Then it was reported that citizens of the country are attracted to several dubious enterprises of pyramidal type. The bank recommended that potential investors not get involved in such schemes because of their illegality and the risk of losing the invested funds.
What do you think will all banks switch to crypto in future? or only in 3-4 tier countries?
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