The National Bank of Rwanda (NBR) has warned that crypto payments and trades using the Rwandan franc (FRW) remain illegal after Bybit announced FRW support on its peer-to-peer (P2P) platform. In an X post, the central bank said: “Crypto-assets are NOT authorized for payments, FRW conversion, or P2P trading involving FRW under the current framework,” and urged the public to avoid crypto because of “serious financial risks and no recourse in case of loss.”
Bybit’s Friday announcement said users could buy and sell crypto with FRW via Bybit P2P; the NBR replied that FRW “remains the only legal tender in Rwanda” and that NBR‑licensed financial institutions are prohibited from converting FRW into crypto-assets or vice versa. Cointelegraph contacted Bybit for comment but did not receive an immediate response.
Rwanda is also developing a central bank digital currency, the e‑franc rwandais, currently at proof‑of‑concept stage and potentially moving to a pilot phase. Efforts to reinforce monetary sovereignty have seen Rwanda restrict crypto use since 2018, aligning with moves by other countries to limit crypto services.
In March, Rwanda’s Capital Market Authority released a draft framework for regulating virtual asset service providers (VASPs), which it says would promote “responsible innovation.” The bill progressing through the legislature would prohibit crypto as legal tender and ban crypto mining, mixer services, and tokens pegged to the FRW, while creating a pathway for licensed and supervised crypto service providers.
Blockchain analytics firm Chainalysis reports Rwanda ranked low in crypto adoption in 2024–2025, with residents receiving only a small fraction of crypto value compared with higher‑adopting African countries like Nigeria and South Africa.
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