The National Bank of Rwanda (NBR) has warned the public that crypto payments and trading using local currency remain illegal in the country after Bybit added support for the Rwandan franc on its peer-to-peer platform on Friday.
“Crypto assets are NOT authorized for payments, FRW conversions or P2P trading involving FRW under current regulations” – Central Bank sent to
There have been comments from the central bank answer to post X from Bybit on Friday stating that the Rwandan Franc (FRW) can be used to buy and sell cryptocurrencies via the Bybit P2P service.
In a separate post X NBR excellent that FRW “remains the only legal tender in Rwanda” and that “financial institutions licensed by the NBR are prohibited from converting FRW into cryptoassets and vice versa.”
Cointelegraph reached out to Bybit for comment but did not receive an immediate response.
Rwanda is trying to strengthen FRW’s presence in the country with the central bank’s digital currency, e-franc Rwandais, which is Currently at the proof of concept stage and may move to the pilot phase.
Rwanda is one of many countries that have opposed crypto services in an effort to maintain monetary sovereignty and have more control over their financial system, restricting the apply of cryptocurrencies since 2018.
Upcoming cryptocurrency regulations aim to further restrict cryptocurrencies
However, in March, the Rwanda Capital Market Authority released a draft framework to regulate virtual asset service providers, which it says will promote “responsible innovation.”
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The bill making its way through Rwanda’s legislature seeks to ban cryptocurrencies as legal tender, while also banning cryptocurrency mining, mixer services and tokens linked to FRW.
It also aims to ensure that cryptographic service providers can operate under license and supervision.
Data from blockchain analytics firm Chainalytic shows that Rwanda ranks low in cryptocurrency adoption in 2024 and 2025, with local residents receiving only a fraction of the cryptocurrency value seen in African countries that are more likely to adopt cryptocurrencies, such as Nigeria and South Africa.
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