The National Bank of Rwanda (NBR) has cautioned the public that cryptocurrency payments and transactions involving the local currency remain illegal, following Bybit’s move to enable the Rwandan franc on its peer-to-peer platform last Friday.
“Crypto-assets are NOT authorized for payments, FRW conversion, or P2P trading involving FRW under the current framework,” the central bank said in a post on X on Sunday, urging citizens to steer clear of crypto due to “serious financial risks and no recourse in case of loss.”
The warning came in response to Bybit’s earlier announcement on X that users could buy and sell cryptocurrencies using the Rwandan franc (FRW) through its P2P service.
In a separate post on X, the NBR emphasized that the Rwandan franc (FRW) remains the country’s only legal tender, adding that licensed financial institutions are not permitted to convert FRW into crypto-assets or the reverse.
Meanwhile, Rwanda has been working to bolster the role of its national currency through a central bank digital currency, the e-franc rwandais, which is currently in the proof-of-concept phase and could advance to a pilot stage.
The country is among several that have taken a cautious stance on crypto in order to safeguard monetary sovereignty and maintain tighter control over the financial system, having restricted crypto use since 2018.
Still, new regulatory efforts are underway. In March, Rwanda’s Capital Market Authority introduced a draft framework aimed at overseeing virtual asset service providers, saying it would encourage “responsible innovation.”
The proposed legislation, now moving through parliament, seeks to bar cryptocurrencies from being used as legal tender while also banning activities such as crypto mining, mixer services and FRW-pegged tokens. At the same time, it outlines a licensing and supervisory pathway for crypto firms to operate legally.
According to data from blockchain analytics firm Chainalysis, Rwanda’s crypto adoption remains relatively low in 2024 and 2025, with transaction volumes far below those seen in more active African markets like Nigeria and South Africa.
