The National Bank of Rwanda (NBR) has issued a strong public warning against cryptocurrency transactions involving the Rwandan Franc (RWF), directly responding to crypto exchange Bybit's recent launch of RWF support on its peer-to-peer (P2P) trading platform.
In a statement posted on X on April 5, 2026, the central bank explicitly stated that crypto assets are not authorized for payments, conversion involving the RWF, or P2P trading under the current regulatory framework. It reminded the public that the Rwandan Franc is the country's sole legal tender. The NBR urged residents to avoid such transactions, citing "serious financial risks and no recourse in case of loss," and warned that financial institutions licensed by the bank are barred from facilitating conversions between FRW and crypto assets.
This regulatory pushback came swiftly after Bybit's announcement on April 4 that users could buy and sell digital assets using RWF on its P2P marketplace, which included new user rewards and merchant incentives. The situation highlights the growing tension between global crypto platforms seeking rapid expansion and local regulators aiming to maintain financial stability and control.
Rwanda has maintained a strict stance on crypto since 2018, focusing on protecting its financial system and currency. While resistant to private crypto assets, the country is concurrently developing a state-backed digital currency, the e-franc rwandais, which is in the proof-of-concept stage. The Capital Market Authority has also proposed a draft framework for "responsible innovation" that includes bans on crypto as legal tender and restrictions on mining and mixer services.
Despite the warning, Bybit has continued its global expansion strategy, recently focusing on stablecoin yield products and planning to roll out up to $10 million in stablecoin-backed opportunities. The exchange had not issued an official statement in response to the NBR's warning as of the report.
