The Central Bank of Rwanda announced its plans to create a digital version of the national currency (CBDC — Central Bank Digital Currency) back in mid-2019. At the same time, the regulator reported its intention to modernize the country’s regulatory framework to cover and regulate the blockchain sector.

This week, the Central Bank confirmed its readiness to issue a digital token and revealed additional details about its plans. The regulator considers the CBDC project as an opportunity for a comprehensive modernization of Rwanda’s financial system and an increase in its efficiency.

As part of this initiative, the Central Bank presented a project for public discussion on creating the necessary infrastructure for conducting transactions with the digital token. This implies the development of a technical base, standards, and protocols that will ensure the safe and reliable functioning of the CBDC system.

In addition, the Central Bank plans to amend the current legislation regulating the activities of the National Bank of Rwanda. These changes are aimed at expanding the regulator’s powers in the sphere of control and supervision of the country’s financial system. This will allow the Central Bank to more effectively respond to the challenges associated with the introduction of new technologies, such as blockchain and digital currencies.

One of the key goals of implementing CBDC is to increase the accessibility of banking services for the population of Rwanda. Currently, a significant portion of the country’s citizens do not have bank accounts and cannot take advantage of internet banking to pay for goods and services. The Central Bank’s digital currency is designed to solve this problem and provide wider access to financial services for all segments of the population.

The successful implementation of this project can be an important step towards the digital transformation of Rwanda’s economy and serve as an example for other developing countries.

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