Rwanda Central Bank Reaffirms Crypto Payments, P2P Trading Are Illegal After Bybit Move

The National Bank of Rwanda has reaffirmed that cryptocurrency payments and trading remain illegal in the country.

According to Cointelegraph on April 6, the central bank said through its official channels that, under the current regulatory framework, crypto assets cannot be used for payments, converted into Rwandan francs or traded on a peer-to-peer basis. It added that virtual assets pose significant financial risks and that investors would not be protected in the event of losses.

The warning came after Bybit said on April 4 that it would support cryptocurrency trading in Rwandan francs on its P2P platform.

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

Rwanda is also pursuing a central bank digital currency as part of efforts to strengthen monetary sovereignty. Its proposed e-Franc is in the technology verification stage and could later be expanded into a pilot program.

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

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

Separately, Chainalysis data showed Rwanda’s level of crypto adoption was low in 2024 and 2025 compared with major African countries.