The National Bank of Rwanda has issued a public warning reaffirming that cryptocurrency payments and trades involving the local currency are illegal, following a move by crypto exchange Bybit to add support for the Rwandan franc on its peer-to-peer trading platform. The central bank posted the warning on X on Sunday, two days after Bybit announced that the franc could be used to buy and sell crypto through its P2P service. The bank stated that crypto assets are not authorized for payments, franc conversion, or P2P trading under the country’s current regulatory framework.
In a separate post, the central bank emphasized that the Rwandan franc remains the sole legal tender in the country and that financial institutions licensed by the bank are prohibited from converting the franc into crypto assets or vice versa. The bank urged citizens to avoid cryptocurrency transactions, citing serious financial risks and the absence of any recourse in the event of losses. Cointelegraph contacted Bybit for a response but did not receive one at the time of publication.
Rwanda has maintained restrictions on cryptocurrency use since 2018, positioning itself among a number of countries that have moved to limit crypto services in order to preserve monetary sovereignty and retain greater control over their financial systems. The central bank has been working to reinforce the franc’s role in the domestic economy, including through the development of a central bank digital currency known as the e-franc rwandais. That digital currency is currently in a proof-of-concept stage and may advance to a pilot phase in the future.
Despite the restrictive stance, Rwanda’s Capital Market Authority released a draft regulatory framework in March aimed at overseeing virtual asset service providers. The authority described the move as a step toward promoting responsible innovation within the sector. The framework signals a cautious opening toward structured crypto activity, even as outright use of crypto as a payment method remains prohibited.
Legislation currently moving through Rwanda’s legislature seeks to formally prohibit crypto as legal tender while also banning crypto mining, mixer services, and tokens pegged to the franc. At the same time, the bill would create a licensing and supervision pathway for crypto service providers wishing to operate legally in the country. The dual approach reflects an effort to regulate rather than entirely exclude the industry.
Crypto adoption in Rwanda remains limited compared to other African nations. Data from blockchain analytics firm Chainalysis shows that Rwanda ranked low in crypto adoption in both 2024 and 2025, with residents receiving only a small fraction of the crypto value recorded in higher-adopting countries on the continent such as Nigeria and South Africa. The figures suggest that despite global growth in crypto activity, Rwanda’s restrictive environment has kept domestic participation minimal.
Originally reported by CoinTelegraph.
