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Rwanda Explores Retail CBDC with Offline Transfer Capabilities 🇷🇼

Rwanda Explores Retail CBDC with Offline Transfer Capabilities 🇷🇼

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The National Bank of Rwanda (BNR) is advancing toward a cashless economy with a proposed retail central bank digital currency (CBDC), aiming for offline transfer capabilities. The feasibility study underscores the potential resilience and efficiency gains of a digital currency, especially in a country prone to power outages. The BNR advocates for an interest-free, interoperable CBDC with token-based technology for offline transfers, a move that could formalize more of Rwanda's economy and reduce cash circulation costs.

The BNR's proposal aligns with Rwanda's push for a cashless economy and addresses challenges such as low financial literacy and high remittance costs. While programmability offers innovative possibilities, privacy and security concerns remain. The study suggests user fees and holding limits but leaves public acceptance open-ended. With a distributed database model for reliability, Rwanda's CBDC initiative showcases innovation in digital finance, drawing parallels with global CBDC projects.


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