What is Crypto Currency?

A cryptocurrency (or “crypto”) is a form of payment that can circulate without the need for a central monetary authority such as a government or bank. Instead, cryptocurrencies are created using cryptographic techniques that enable people to buy, sell or trade them securely. Cryptocurrency is also a key part of the operation of some decentralized financial networks, where digital tokens are an important tool for carrying out transactions.

The most popular cryptocurrency, Bitcoin, has had a historically volatile price. In 2021, it hit an all-time high above $65,000 before falling back.( You can check the current price to buy  Bitcoin here.)

Link: https://www.coinbase.com/places/rwanda

How do I invest in cryptocurrency?

While some cryptocurrencies, including Bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoins or another cryptocurrency.

To buy cryptocurrencies, you’ll need a “wallet” — an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies.  For a Safe& Easy exchange of Bitcoins, Ethereum, and Litecoin in Rwanda, you can refer to Coin Base Support in Rwanda  .  If you are starter, You can also Get Started from here

Are cryptocurrencies legal in Rwanda?

The Answer is NO.  There is no where you can legally trade with it or forex. But if you are able to buy and sell it externally, that is up to you. The central bank is  still studying the possibilities of issuing its own Central Bank Digital Currency in response to global trends in digital currency.

It can take a lot of work to comb through a prospectus; the more detail it has, the better your chances it’s legitimate. But even legitimacy doesn’t mean the currency will succeed. That’s an entirely separate question, and that requires a lot of market savvy. 

 

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