Digital currency development process underway – central bank governor

A scheme to develop a central bank digital currency (CBDC) is underway after a study showed that the currency is needed in the country, the National Bank of Rwanda Governor, John Rwangombwa, said. Rwangombwa made the disclosure on November 27 while presenting the central bank’s annual report for the financial year 2022/2023 to a joint plenary sitting of Parliament. CBDC is the digital form of a country's currency, which is regulated by its central bank. According to the International Monetary Fund (IMF), a CBDC offers a safe store of value and an efficient means of payment. ALSO READ: Rwanda researching on digital currency During the abovementioned parliamentary session, MP Pie Nizeyimana wanted to know the progress made on this study initiated and led by the central bank to consider how the digital currency can be used in Rwanda, and its advantages. “On CBDC, we completed the first study to see whether it is necessary to set up the digital currency.