Rwanda Reaffirms Crypto Restrictions Amid Bybit Promotion
- On April 5, 2026, the National Bank of Rwanda (BNR) warned that Bybit’s new FRW P2P feature violates local crypto regulations.
- BNR prohibits licensed banks from converting Rwandan francs (FRW) to crypto, leaving users without legal recourse for losses.
- The Cabinet approved a draft Virtual Asset Service Provider (VASP) licensing framework on March 4, which could change crypto access rules.
- BNR emphasized that the Rwandan franc remains the only legal tender, and crypto-assets are not recognized as a payment method.
- Bybit’s promotional push led to a more visible regulatory response compared to other exchanges like Binance.
The National Bank of Rwanda’s recent warning highlights the country’s strict stance on cryptocurrency use and conversion involving the Rwandan franc. This comes amid Bybit’s promotional activities for its P2P trading platform featuring FRW, which prompted a reaffirmation of existing regulations by BNR.
With Rwanda advancing its digital currency initiative through an e-Franc pilot, the focus remains on state-controlled digital payments rather than private crypto networks. (Source)
