Rwanda’s central bank has warned the public that using the Rwandan franc (FRW) for crypto payments or trades remains illegal after cryptocurrency exchange Bybit announced FRW support on its peer-to-peer (P2P) platform. In a post on X, the National Bank of Rwanda (NBR) reiterated that ‘crypto-assets are NOT authorized for payments, FRW conversion, or P2P trading involving FRW under the current framework,’ and cautioned that crypto carries serious financial risks and offers no recourse in case of loss.
Bybit said users could buy and sell crypto using FRW through its P2P service. The NBR responded by underscoring that the FRW is the country’s only legal tender and that NBR-licensed financial institutions are barred from converting FRW into crypto-assets or the other way around. Cointelegraph reached out to Bybit for comment but did not receive an immediate response.
Rwanda is also working on a central bank digital currency, the e-franc rwandais, which is currently at the proof-of-concept stage and could move to a pilot phase. Since 2018 the country has restricted crypto use as part of efforts to protect monetary sovereignty, a stance similar to measures taken by other nations.
In March, Rwanda’s Capital Market Authority published a draft framework for regulating virtual asset service providers (VASPs). The proposed law would prohibit crypto as legal tender and ban certain activities such as crypto mining, mixer services, and tokens pegged to the FRW, while creating a licensing and supervision path for regulated crypto service providers.
Blockchain analytics firm Chainalysis ranks Rwanda low in 2024–2025 crypto adoption, with residents receiving only a small share of crypto value compared with higher-adoption African markets like Nigeria and South Africa.
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