Rwanda Central Bank Says Crypto Payments Are Illegal, Warns After Bybit Move

Rwanda's central bank reaffirmed that crypto-asset payments and trading remain illegal in the country.

Cointelegraph reported on June 6 that the National Bank of Rwanda said through its official channels that crypto assets cannot be used for payments, conversions into the Rwandan franc or peer-to-peer trading under the current regulatory framework. The central bank added that crypto assets carry significant financial risks and that investors would not be protected in the event of losses.

The warning followed Bybit's June 4 announcement that it would support crypto trading in Rwandan francs on its P2P platform.

In a separate notice, the National Bank of Rwanda said the Rwandan franc is the country's only legal tender. Financial institutions licensed by the central bank are barred from converting fiat currency into crypto assets or exchanging crypto assets back into fiat currency, it said.

Rwanda is also pursuing a central bank digital currency to strengthen monetary sovereignty. Its proposed e-Franc is in the technical validation stage and could later move to a pilot program.

Authorities are also preparing a regulatory framework for crypto assets. In March, the Capital Market Authority released a draft framework for virtual asset service providers that would ban the use of legal tender in crypto transactions and restrict mining, mixer services and the issuance of tokens pegged to the Rwandan franc.

The proposal also includes a licensing-based supervisory framework that would allow companies meeting certain requirements to operate.

Chainalysis data show Rwanda's crypto adoption remained low relative to major African countries in the 2024-2025 period.