Rwanda Reaffirms Its Crypto Ban After Bybit Enabled Rwandan Franc P2P Trading
Rwanda’s central bank has reaffirmed that crypto-assets are not authorized for payments, franc conversions, or peer-to-peer trading involving the national currency after Bybit added support for the Rwandan franc on its P2P marketplace. The statement warned residents against using such services, citing financial risks and the lack of legal protection in case of losses. Regulators also stressed that the Rwandan franc remains the country’s only legal tender and that supervised financial institutions are barred from facilitating conversions between the franc and crypto-assets. The move fits Rwanda’s longer policy trajectory: the country has maintained a restrictive stance on crypto since 2018, while still exploring a state-backed digital currency called e-franc, currently in proof-of-concept with a pilot expected later. At the same time, Rwanda is not relying only on outright restrictions. In March, the Rwanda Capital Market Authority released a draft framework for virtual asset service providers, proposing a licensing regime under strict limits. The draft would still deny crypto legal-tender status and prohibit activities such as mining, mixer services, and tokens linked to the Rwandan franc. Chainalysis data cited in the report also shows Rwanda remains a relatively low-adoption crypto market in 2024 and 2025 compared with regional peers such as Nigeria and South Africa.
