Rwanda’s central bank has reiterated that cryptocurrency activity tied to the local currency remains prohibited, responding swiftly after crypto exchange Bybit introduced support for the Rwandan franc on its peer-to-peer marketplace.
Summary
- Rwanda’s central bank reaffirmed that crypto payments and trading using the Rwandan franc remain prohibited following Bybit’s P2P support update.
- Regulators warned of financial risks and barred licensed institutions from facilitating conversions between FRW and crypto assets.
In a statement posted to X on Sunday, the National Bank of Rwanda (NBR) made clear that crypto-assets are not permitted for payments, conversions involving the franc, or P2P trading under the current regulatory framework.
Authorities also cautioned residents against engaging with such services, warning of “serious financial risks and no recourse in case of loss.”
The clarification followed an announcement from Bybit on Friday indicating that users could buy and sell digital assets using the Rwandan franc through its P2P platform. The move appeared to prompt an immediate response from regulators, who emphasized that the franc remains the country’s only recognized legal tender. Financial institutions licensed by the NBR are also barred from facilitating conversions between FRW and crypto-assets.
ByBit has yet to issue an official statement as of press time.
Rwanda has kept a strict stance on crypto since 2018, with policymakers focusing on protecting the financial system and supporting the local currency.
At the same time, the country has been working on a state-backed digital currency, the e-franc rwandais, which is still in the proof-of-concept stage and may move to pilot testing.
Meanwhile, Rwanda’s Capital Market Authority has put forward a draft framework to support “responsible innovation” in the crypto sector.
The proposal sets clear limits, including a ban on using crypto as legal tender, restrictions on mining and mixer services, and controls on tokens linked to the franc.
Data from Chainalysis places Rwanda among lower-ranking countries in crypto usage across 2024 and 2025, with transaction volumes trailing far behind regional peers such as Nigeria and South Africa.
Bybit continues expanding offerings
Despite the regulatory pushback, Bybit has continued expanding its product offerings globally.
As previously reported by crypto.news, the exchange has recently leaned into strategies designed to attract users during uncertain market conditions, including a stronger focus on stablecoin yield products and fixed-income-style instruments. Bybit plans to roll out up to $10 million in stablecoin-backed opportunities.
