According to the Deputy Governor, National Bank of Rwanda, Soraya Hakuziyaremye, the bank is conducting research which will be concluded by end of December 2022 from which a clear policy on whether it will issue a CBDC or not will emerge.
“We are now at an investigation phase. We are analysing what could be the benefits to Rwandans to have a CBDC but also the risk not only to our economy but the sector depending on the form of digital currency we would issue.”
– Deputy Governor, National Bank of Rwanda
In June 2021, the central bank announced the commencement of a study that would look at the economic, financial, and technology aspects related to CBDC as well as the operationalisation model, taking into account the local context.
In a similar sentiment to Bank of Uganda officials, DG Hakuziyaremye indicated that a CBDC shouldn’t be excluding the population, ‘it has to go with closing the digital divide and making sure that people have the option to use it.’
On the trade in cryptocurrencies, much as it is not illegal in Rwanda, Hakuziyaremyi advised people to exercise caution while engaging in this trade bearing in mind risks that come with it.