Rwanda reiterates crypto ban hours after Bybit adds Rwandan franc P2P support

Rwanda's National Bank on Sunday restated that crypto remains prohibited, just hours after Bybit launched Rwandan franc (FRW) trading pairs on its P2P platform on Friday without regulatory approval. In a post on X, the central bank said cryptoassets are not authorized for payments, FRW conversion, or P2P transactions involving FRW. It also said licensed financial institutions are barred from converting FRW into crypto or crypto into FRW, warning of "serious financial risks" and no recourse in the event of losses. Rwanda has maintained restrictions on crypto since 2018 and recognizes the FRW as the country's sole legal tender. At the same time, the authorities are developing a central bank digital currency, the efranc rwandais, now in proof of concept, and the Capital Markets Authority's bill to license virtual asset service providers (VASPs) cleared parliament on March 31. The signal to the market: a regulated framework is welcome, unauthorized exchange access is not.