National Bank of Rwanda Halts Bybit’s Franc-to-Crypto P2P Support
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Rwanda's National Bank (NBR) says the Rwandan franc is the only legal tender and prohibits cryptocurrencies for payments, conversions, or P2P trades with francs, effectively blocking Bybit's new franc-to-crypto P2P support. NBR warned of financial risks to users and declared Bybit's offering unauthorized, signaling tighter regulatory enforcement on crypto and P2P platforms in Rwanda. Rwanda is actively developing a central bank digital currency, the “e‑franc,” indicating a preference for a CBDC route over private crypto adoption; keywords: crypto, P2P, CBDC, regulator, Bybit, legal tender, Rwanda.
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- The National Bank of Rwanda made it clear that the Rwandan franc is the only legal tender.
- NBR stated crypto can’t be used for payments, conversions, or P2P trades involving francs.
- Rwanda is actively working on a central bank digital currency (CBDC), the “e‑franc.”
Rwanda’s central bank has warned that Bybit’s new support for Rwandan franc trading on its P2P platform is not authorized. The regulator said crypto transactions involving the local currency remain illegal, stressing financial risks for users and reinforcing the country’s cautious stance toward digital assets.
Rwanda Blocks Franc-to-Crypto Trading
The National Bank of Rwanda said the Rwandan franc remains the country’s only legal tender. The regulator added that cryptocurrencies cannot be used for payments, conversions, or peer-to-peer trades involving francs.
Officials warned that u…
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