National Bank of Rwanda – the central bank of the nation – is reportedly looking into ways of issuing its self-developed cryptocurrency. 

Reported by BNN Bloomberg on August 22, the central bank is conducting researches to design a new digital coin, which will particularly aims to make transactions more efficient, as well as to help grow the economy. 

However, General Peace Masozera Uwase – head of the Financial Stability department – claimed the progress is still long until any official discussions regarding implementation can happen. 

“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 technology is down how do you deal with such issues? We will join in once we are ready.”

Uwase further revealed that the National Bank of Rwanda will also look into the way numerous central banks have gone, in the process of rolling out a nation-wide digital currency – specifically in Canada, Singapore and the Netherlands. 

Previously, other countries have also begun to issue their own version of digital currency. Uruguay has put its new central bank crypto coin to the pilot test, whereas the Bahamas, China, Sweden, Ukraine and the Eastern Caribbean Currency Union are reportedly also attempting to initiate their own tests.