{"id":12353,"date":"2022-03-02T10:02:17","date_gmt":"2022-03-02T10:02:17","guid":{"rendered":"https:\/\/www.africa-press.net\/rwanda\/all-news\/central-bank-to-pronounce-itself-on-digital-currency-by-december"},"modified":"2022-03-02T10:45:17","modified_gmt":"2022-03-02T10:45:17","slug":"central-bank-to-pronounce-itself-on-digital-currency-by-december","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-to-pronounce-itself-on-digital-currency-by-december","title":{"rendered":"Central bank to pronounce itself on digital currency by December"},"content":{"rendered":"

Africa-Press – Rwanda. <\/strong><\/span>People will know Rwanda\u2019s stand on the use of digital currency by the end of December 2022, according to central bank Deputy Governor, Soraya Hakuziyaremye.<\/p>\n

Digital currency represents any currency or money that is managed or exchanged on digital computer systems, especially over the internet, and never converted into physical form at any point.<\/p>\n

In this case, the central bank digital currency (CBDC) is the one that would be issued and overseen by a country\u2019s central bank.<\/p>\n

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.<\/p>\n

Hakuziyaremye said that the research will be concluded by end of December, and the country will have a clear policy on whether it will issue the CBDC or not.<\/p>\n

\u201cWe are now at an investigation phase. We are analysing what could be the benefits to Rwandans to have CBDC but also the risk not only to our economy but the sector depending on the form of digital currency we would issue,\u201d she said.<\/p>\n

She added that if the country was to adopt it, they have to make sure that some people won\u2019t be excluded from financial systems.<\/p>\n

\u201cWhat is important is to look at financial inclusion because if you issue a digital currency, you shouldn\u2019t be excluding your population, it has to go with closing the digital divide and making sure that people have the option to use it.\u201d<\/p>\n

Olivier Mugabonake, the Chairperson of Rwanda Fintech Network, said that if the digital currency is adopted in a controlled manner, it can bring more innovation opportunities beyond what we have today.<\/p>\n

\u201cTechnically speaking, there are some companies which are ready to start adopting the technology. I understand the regulator needs to assess wisely and make sure it is adopted in a secured manner.\u201d<\/p>\n

\u201cIndeed, if Rwanda wants to streamline its financial system and position itself as an important player in the future global economy, it should systematically assess and take the steps needed to develop its own national Central Bank Digital Currency,\u201d opined Maurice Muhiza Rwamugabo in The New Times.<\/p>\n

Rwamugabo is the Head of Exploration & Coordinator at the Accelerator Lab of the United Nations Development Programme (UNDP) in Rwanda.<\/p>\n

However, Rwamugabo emphasized that the central bank must establish the legal and policy frameworks needed to facilitate transparency, distribution, and monitoring of Rwanda\u2019s digital currency to achieve a reliable and trustworthy CBDC.<\/p>\n

With many other countries exploring the feasibility, only Bahamas has so far launched a central bank digital currency, the Sand Dollar.<\/p>\n

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.<\/p>\n

There has been growing popularity of decentralized cryptocurrencies such as Bitcoin and Ethereum globally, but there are no provisions within the local financial structure that facilitate trading in crypto-currencies.<\/p>\n

For More News And Analysis About Rwanda<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Rwanda. People will know Rwanda\u2019s stand on the use of digital currency by the end of December 2022, according to central bank Deputy Governor, Soraya Hakuziyaremye. Digital currency represents any currency or money that is managed or exchanged on digital computer systems, especially over the internet, and never converted into physical form at […]<\/p>\n","protected":false},"author":84,"featured_media":12352,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,28],"tags":[760,763,758],"class_list":["post-12353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-rwanda","tag-rwanda"],"yoast_head":"\nCentral bank to pronounce itself on digital currency by December - Rwanda<\/title>\n<meta name=\"description\" content=\"People will know Rwanda\u2019s stand on the use of digital currency by the end of December 2022, according to central bank De ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-to-pronounce-itself-on-digital-currency-by-december\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central bank to pronounce itself on digital currency by December\" \/>\n<meta property=\"og:description\" content=\"People will know Rwanda\u2019s stand on the use of digital currency by the end of December 2022, according to central bank De ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-to-pronounce-itself-on-digital-currency-by-december\" \/>\n<meta property=\"og:site_name\" content=\"Rwanda\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-02T10:02:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-02T10:45:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2022\/03\/img-621f4a9e9b963.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"847\" \/>\n\t<meta property=\"og:image:height\" content=\"491\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-to-pronounce-itself-on-digital-currency-by-december#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-to-pronounce-itself-on-digital-currency-by-december\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Central bank to pronounce itself on digital currency by December\",\"datePublished\":\"2022-03-02T10:02:17+00:00\",\"dateModified\":\"2022-03-02T10:45:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-to-pronounce-itself-on-digital-currency-by-december\"},\"wordCount\":523,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-to-pronounce-itself-on-digital-currency-by-december#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/rwanda\/sites\/23\/2022\/03\/img-621f4a9e9b963.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Rwanda\",\"Rwanda\"],\"articleSection\":[\"all news\",\"Economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-to-pronounce-itself-on-digital-currency-by-december#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-to-pronounce-itself-on-digital-currency-by-december\",\"url\":\"https:\/\/www.africa-press.net\/rwanda\/economy\/central-bank-to-pronounce-itself-on-digital-currency-by-december\",\"name\":\"Central bank to pronounce itself on digital currency by December - 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