The National Bank of Rwanda has issued a public warning after Bybit introduced support for the Rwandan franc on its peer-to-peer trading platform. Authorities stated that crypto-assets remain unauthorized for payments, currency conversion, or peer-to-peer trading involving the local currency under the current regulatory framework.
Officials emphasized that the franc remains the only legal tender in Rwanda, and financial institutions licensed by the central bank are prohibited from converting FRW into crypto assets or vice versa. The warning also highlighted risks to users, noting there is no legal protection in cases of financial loss linked to crypto transactions.
Proposed Crypto Regulations and Digital Currency Plans
Regulators in Rwanda have been working on new rules since 2018, aiming to restrict crypto usage while maintaining control over the national financial system. In March, the Capital Market Authority released a draft framework designed to regulate virtual asset service providers and promote responsible innovation.
The proposed legislation seeks to ban crypto as legal tender, prohibit mining and mixer services, and restrict tokens linked to the franc. At the same time, authorities are developing the e-franc rwandais, a central bank digital currency currently in the proof-of-concept stage that may later advance to pilot testing.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
Leave a Reply