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Aug. 22, 2019
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Rwandan Central Bank is studying the launch of its own digital currency, Bloomberg reports.

With the launch of digital currency, the Republic of Rwanda wants to make the processing of transactions more efficient and to boost economic growth.

According to Bloomberg, the National Bank of Rwanda is studying closely the experiences of central banks from such countries as Canada, Singapore and the Netherlands.

Peace Masozera Uwase, the bank's Financial Stability Director-General, states 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.

"Challenges come in, if technology is down how do you deal with such issues? We will join in once we are ready," Uwase added.

Last year, a British blockchain fintech startup Circulor announced a partnership with the government of Rwanda to develop a blockchain system for tracking tantalum from the pit-face to the refinery.

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