Bank

The National Bank of Rwanda (BNR) is looking to engage the public and receive feedback on the idea of issuing a digital currency (CBDC) accessible to all the Rwandese. With this innovative <a href="https://www.bnr.rw/index.php?id=38" target="_blank" rel="noopener">CBDC</a>, a cashless experience would be entirely different from what digital payment options bring today, seamlessly enabling transfers even without a smartphone using Bluetooth or Near Field Communication (NFC). 
The Central bank of Rwanda would like to construct CBDC in such a way that will match the parameters of the country. Thus, it has become a tool in its mission to bring down the barrier to electronic payments, which has been prevalently disruptive with frequent power outages. 
The proposed CBDC would be “token-based” unlike traditional “account-based” money which would use digital tokens representing Rwandan francs. Such crypto-tokens can in turn get built with smart contracts, resulting in new innovative financial products and services. Although the BNR admits that this way of designing a currency can also bring up some privacy and security issues, there are opportunities for the usage of blockchain technology in this context. 
This Rwandan CBDC proposal is ambitious, especially with the offline transfer among Rwandans functionality included. It would be exciting to find out how the project proceeds and what features other countries may incorporate into their own digital currencies. 
Also Read:<a href="https://www.cryptotimes.io/2024/05/09/core-scientific-reports-210m-net-income-and-revenue-surge/">Core Scientific Reports $210M Net Income and Revenue Surge</a>

Rwandan Central Bank Considers Offline-Enabled Digital Currency

The Crypto Times

Other articles published on May 8, 2024

Experts Predict Superior Growth for This Coin Over Nvidia (NVDA) in Annual Financial Forecast

Ethereum Whales Execute Major Transfers

Bitcoin (BTC) Soars to $60K, Ethereum (ETH) Reclaims $3K Mark: Bullish Reversal Energizes Crypto ...

MATIC down 21% in April: Can 115K Polygon whales turn the tide in May?

All about Revolut exchange and its latest crypto plans for U.K customers

This Bitcoin-Offshoot Tops Digital Payments, Escapes SEC Scrutiny But Remains Undervalued: 'The B...

Join our free newsletter for daily crypto updates!