Interest in cryptocurrency is rising steadily in Africa as the National Bank of Rwanda (NBR) which is the central bank of Rwanda is researching ways to launch its own cryptocurrency. This report is according to Bloomberg and also states that with its own digital currency, the central bank plans to make the processing of transactions more efficient and to boost economic growth.
According to the report, the National Bank of Rwanda intends to adapt the models of central banks of Canada, Singapore and the Netherlands, in the area of blockchain technology.
Peace Masozera Uwase, the bank’s Financial Stability Director-General commented on this “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,” Uwase said. “Challenges come in, if technology is down how do you deal with such issues? We will join in once we are ready.”
While industry experts believe that cryptocurrency will be around for years, there are still concerns that need to be addressed.
Is Africa equipped with the necessary resources for this shift; such as constant internet connection and power supply?
What percentage of Africans are ready for this change?