The Bank of Uganda is presently engaged in initial investigations to determine the potential viability of introducing a central bank digital currency (CBDC). These explorations are particularly focused on identifying the policy goals that such a digital currency could fulfill.
Advocates of CBDCs express approval for this initiative, emphasizing that the adoption of such a digital currency could provide Ugandans with the ability to conduct cost-effective and instantaneous money transfers.
It has been emphasized that developing the necessary technological infrastructure to facilitate the issuance of a CBDC would involve financial implications for the central bank. Additionally, the digital nature of these currencies introduces a susceptibility to cyber threats, necessitating the central bank’s implementation of safeguards against such attacks.
Source:
https://www.reuters.com/technology/ugandas-central-bank-weighs-issuance-digital-currency-2022-05-06/