The National Bank of Rwanda (NBR) has reaffirmed that crypto payments and peer-to-peer trades involving the Rwandan franc (FRW) are illegal, issuing a warning following cryptocurrency exchange Bybit’s announcement that it added FRW support. The central bank stated that crypto-assets are not authorized for conversion or payment using the local currency and urged citizens to avoid them due to financial risks.
The National Bank of Rwanda (NBR) issued a public warning that crypto payments and trades using the Rwandan franc remain illegal. This announcement was made in response to Bybit posting on Friday that the Rwandan franc could be used on its P2P platform. The central bank stated that crypto-assets are “NOT authorized for payments, FRW conversion, or P2P trading involving FRW under the current framework.”
In a separate message, the NBR noted that the FRW is the only legal tender and that licensed financial institutions are prohibited from converting it into crypto. The bank urged citizens to avoid crypto due to “serious financial risks and no recourse in case of loss.” Rwanda has restricted crypto use since 2018 to preserve monetary sovereignty.
Rwanda is developing a central bank digital currency, the e-franc rwandais, which is currently in a proof-of-concept stage. Meanwhile, incoming legislation seeks to further restrict crypto activities. In March, the Capital Market Authority released a draft framework to regulate virtual asset service providers.
The bill aims to prohibit crypto as legal tender while banning mining, mixer services, and FRW-pegged tokens. It also seeks to provide a licensing pathway for crypto service providers. Data from Chainalysis shows Rwanda ranks low in crypto adoption compared to other African nations like Nigeria and South Africa. The country received only a fraction of the crypto value seen in higher-adopting countries during 2024 and 2025.
