Rwanda Reportedly Studying the Possibility of Issuing a CBDC

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The National Bank of Rwanda (Central Bank of Rwanda) is reportedly studying the issuance of a central bank digital currency (CBDC).

According to a local Rwandan daily, the bank is assessing the economic, financial, and technology aspects related to the issuance of a CBDC as well as the operalization model, taking into account the local context.

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Speaking about this, John Karamuka, Director of Payment Systems, Central Bank of Rwanda, said:

“The study is also analysing the implication of the CBDC on monetary policy and financial stability.

We are benchmarking on countries that are at more advanced stages, learning both positive and negative experiences. We are basing on work done by international institutions such as the International Monetary Fund, World Bank, World Economic Forum among others.”

                     – Central Bank of Rwanda

Commenting on this development on twitter, Norbert Haguma, Chairman, Blockchain Association of Rwanda said:

In Africa, so far, some of the countries that are either currently studying or piloting a CBDC include:

  • South Africa
  • Ghana
  • Tunisia

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