Connect with us

Hi, what are you looking for?


Rwanda to Roll Out CBDC By 2026 After Consultations, Testing

East African nation Rwanda aims to create its own retail central bank digital currency (CBDC) to assert its significance in the global economy’s future landscape by 2026.

According to the National Bank of Rwanda, the CBDC would be a secure and convenient alternative to cash, potentially bringing more people into the banking system.

The deputy governor of Rwanda’s central bank, Soraya Hakuziyaremenye, discussed plans for a digital currency and its advantages for citizens in a recent interview with The New Times.

She highlighted that several African nations, like Nigeria, Ghana, and South Africa, are already testing or launching their own digital currencies. She mentioned that Rwanda’s central bank has been collaborating with the finance ministry, and technology since 2022 to study these examples and explore a Rwandan CBDC.

Rwanda’s Central Bank Prioritizes Risk Assessment for CBDC

Their research highlighted the importance of understanding not just the technology involved, but also the potential risks of issuing a digital currency.

She explained that a CBDC would encourage competition and innovation within payment systems, supporting Rwanda’s goal of a cashless economy. Additionally, it would streamline international transactions. The central bank plans to take a measured approach to the CBDC, requiring government approval before proceeding.

The official emphasized that public adoption is crucial for the CBDC’s success. The bank doesn’t want to launch a digital currency simply for the sake of it; it needs to offer clear advantages for Rwandan citizens.

Rwanda’s CBDC Pilot to Test Technology and Design in a Controlled Setting

Rwandans have four more weeks to participate in the public discussion about the CBDC. After that, the central bank will move forward with a pilot test to assess its feasibility.

“That will allow us to test the technology, the design, and the speed on a small scale,” the governor said. “But there is also an aspect of cases where we want to test the technology in other countries, particularly in cross-border payments, this exercise will roughly take six months.”

The pilot test will involve a select group of people and businesses using the CBDC. This will allow the central bank to evaluate the technology’s smoothness, resilience, and effectiveness in managing potential risks.

The post Rwanda to Roll Out CBDC By 2026 After Consultations, Testing appeared first on Cryptonews.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    After the final lecture of my Fall 2022 International Economic Policy course (an undergraduate offering meant to introduce non-economics majors to the economics of...

    Editor's Pick

    Real gross domestic product rose at a revised 3.2 percent annualized rate in the third quarter versus a 0.6 percent rate of decline in...

    Editor's Pick

    For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

    Editor's Pick

    On April 23, 1985, the Coca-Cola Company made one of the biggest mistakes in American business history: it changed the formula for Coca-Cola. Outraged...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024