Rwanda Central Bank Pushes Back on Bybit RWF Listing, Reaffirms Crypto Ban

NBR maintains crypto restrictions while advancing regulation, signaling control over adoption and market participation.

Rwanda’s central bank has renewed its warning on cryptocurrency use following a move by a major exchange. The swift response aims to curb potential confusion as interest in digital assets grows. It also comes at a time when the country is actively shaping a formal regulatory framework.

NBR Issues Warning After Bybit Enables Franc-Based Crypto Trading

National Bank of Rwanda (NBR) warned that crypto transactions involving the Rwandan franc remain prohibited under current rules. The statement followed an announcement by Bybit introducing support for the franc on its peer-to-peer platform.

In a post on X, the central bank stated that crypto assets are not authorized for payments, currency conversion, or peer-to-peer trading involving the franc. Officials also cautioned that users face financial risks and lack legal protection if losses occur.

Bybit had earlier said users could buy and sell cryptocurrencies using the local currency through its P2P service. That announcement prompted the swift response from regulators, who reiterated that the Rwandan franc remains the country’s only legal tender.

Rwanda has maintained a cautious stance on crypto since 2018, when authorities first declared digital assets illegal for domestic use. While restrictions remain, policymakers have started working toward a regulated environment.

Rwanda Advances Regulation Bill with Strict Limits on Mining and Tokens

In March 2025, the central bank and the Capital Markets Authority released a draft framework targeting virtual asset service providers. The proposal outlined strict rules, including a ban on crypto as legal tender and limits on certain activities.

A revised version gained traction in 2026. Rwanda’s Cabinet approved the bill in early March, and lawmakers advanced it through initial parliamentary stages later that month. Committee review is still ongoing.

Provisions in the bill seek to prohibit crypto mining, mixer services, and tokens pegged to the local currency. At the same time, it introduces a licensing system for crypto firms willing to operate under regulatory oversight.

Adoption levels in Rwanda remain relatively low compared to regional peers. Data from Chainalysis shows limited crypto inflows during 2024 and 2025.

In contrast, countries like Nigeria and South Africa continue to record higher levels of crypto activity. Rwanda’s approach emphasizes control and gradual policy development rather than rapid adoption.

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