The Rwanda central bank’s warning came after Bybit added the Rwanda Franc to its list of assets that its peer-to-peer platform can use to trade for crypto.
The National Bank of Rwanda (NBR) has warned the public that crypto payments and trades using the local currency remain illegal in the country after Bybit added support for the Rwandan franc for its peer-to-peer platform on Friday.
“Crypto-assets are NOT authorized for payments, FRW conversion, or P2P trading involving FRW under the current framework,” the central bank posted to X on Sunday, urging citizens to avoid crypto due to “serious financial risks and no recourse in case of loss.”
The central bank’s comments were in response to an X post from Bybit on Friday, stating that the Rwandan franc (FRW) can be used to buy and sell crypto through its Bybit P2P service.
