The National Bank of Rwanda (Central Bank of Rwanda) is reportedly studying the issuance of a Central Bank Digital Currency (CBDC).
According to Rwandan daily news report, the bank is assessing the economic, financial, technology aspects related to the issuance of a CBDC and the business operational model.
The Hon. John Rwangombwa was appointed Central Bank Governor on the 25th February 2013. His career started in Rwanda Revenue Authority where he grew through ranks to the Deputy Commissioner of Customs for Operations.
He then joined the Ministry of Finance and Economic Planning in 2002 as the Director of the National Treasury Department. Having served as the Ministry’s first Accountant General in 2005, Mr. Rwangombwa was appointed Permanent Secretary and Secretary to the Treasury in the same year and in 2009 he became the Minister of Finance and Economic Planning.
At that time, he oversaw the elaboration and implementation of Rwanda’s first Economic Development and Poverty Reduction Strategy (EDPRS I), under which Rwanda’s economy was able to achieve high growth at an average of 8% and poverty was reduced by 12% in 5 years from 2006-2011.
Since his appointment as Central Bank Governor to date, Mr. Rwangombwa has been able to maintain the stability of the Rwandan Economy and its Financial Sector.
My take on Rwanda's CBDC:
A CBDC carries the long held dream of digital cash that has severe implications not just for Rwanda, but for the world, so its attributes should be analysed and understood very clearly in the context of our reality, especially re: AfCFTA. #Thread https://t.co/2lX60PdHFA
— Norbert Haguma (@nhaguma) June 21, 2021
Now, under Rwangombwa leadership, Rwanda is seeking to upgrade it’s financial monetary system by creating a CBDC. Speaking about this, John Karamuka, Director of Payment Systems, Central Bank of Rwanda, said:
“The study is also analysing the implication of the CBDC on monetary policy and financial stability. We are benchmarking on countries that are at more advanced stages, learning both positive and negative experiences. We are basing on work done by international institutions such as the International Monetary Fund, World Bank, World Economic Forum among others.”
Commenting on this development on twitter, Norbert Haguma, Chairman, Blockchain Association of Rwanda said:
In Africa, so far, some of the countries that are either currently studying or piloting a CBDC include, South Africa, Ghana, and Tunisia
