Rwanda central bank reaffirms crypto ban after Bybit launches FRW P2P trading

Rwanda’s central bank has restated that cryptocurrency activity tied to the Rwandan franc remains prohibited, days after exchange Bybit enabled FRW on its peer-to-peer marketplace. In a post on X, the National Bank of Rwanda clarified that crypto-assets cannot be used for payments, peer-to-peer trading, or any conversions involving the franc, and reaffirmed that the Rwandan franc is the country’s only legal tender.

The central bank cautioned residents against engaging with such services, warning of “serious financial risks and no recourse in case of loss.” Licensed financial institutions are barred from facilitating exchanges between FRW and crypto-assets, and those restrictions remain in effect.

Bybit on April 3 introduced FRW support for its Bybit P2P trading, enabling users to post buy and sell offers. The bank’s clarification followed.

Rwanda has enforced tight limits on crypto activity since 2018. Policymakers have cited protection of the financial system and support for the local currency.

In parallel, the National Bank of Rwanda is developing a central bank digital currency, the e-franc rwandais. The project is in a proof-of-concept phase and may move to a pilot.

Separately, the Capital Market Authority has drafted a framework for controlled testing in the crypto sector. The proposal would keep crypto from being legal tender, restrict mining and mixer services, and limit tokens pegged to the franc.

Data from Chainalysis places Rwanda lower for crypto adoption in 2024 and 2025, with on-chain transaction volumes trailing regional peers such as Nigeria and South Africa.