Rwanda, one of the fastest-growing economies in the African region, is looking at how it can benefit from central bank-issued digital currency. Thus, the Central Bank of Rwanda is currently considering the possibility of creating its own digital currency. It aims to improve transaction processing and boost the economic growth of the country.

Rwanda will join other countries like in the use of national digital currency after adequate research to solve the concerns surrounding the same. The major problem regarding this is how to convert the entire currency into digital form. Also, another issue is how to distribute that, and how fast those transactions can process. For example, Bitcoin takes a lot of time to complete its transactions. This is the main issue that the bank will avoid if the project moves forward. The bank will take further steps forward after other countries have tested their currencies.

Financial Stability Director-General Peace Masozera Uwase the technology will determine whether the bank will implement the system or not. With enough tech, the creation of assets is possible. Due to this, the bank studying the scenario as much as possible to find the solutions. Another problem that might pose a threat is scams as per the source.

Many countries are rolling out their digital currencies. China will soon launch its own currency. In Venezuela, The President of Venezuela, Nicolas Maduro has commanded the leading bank Banco de Venezuela to accept the Petro crypto. He wanted the bank to issue this national cryptocurrency in all of its branches. In May, the Central Bank of Bahamas (CBOB) also introduced the first-ever digital currency in the country called, Project Sand Dollar. Also, India might roll out its own digital currency called, the digital rupee.