Bybit went live with Rwandan Franc support on its P2P platform last Friday. Within 48 hours, Rwanda’s central bank told the public to stay away.
The National Bank of Rwanda posted a firm public notice on X, stating the Rwandan Franc remains the country’s only legal tender. Crypto assets are not cleared for payments, FRW conversion, or P2P trading under the existing framework, the bank said. No recourse exists for users who lose funds in such transactions.
As Bybit Official posted on X:
“RWF is now live on Bybit P2P. Buy and sell crypto using Rwanda Franc, unlock exclusive rewards as a new user, and start earning as a merchant with bi-weekly commissions.”
The exchange framed it as an earnings opportunity, including bi-weekly commissions for merchants. Rwanda’s regulator read it differently.
BNR’s Position Was Not a Surprise
Central Bank Rwanda on X was direct:
“Crypto-assets are NOT authorized for payments, FRW conversion, or P2P trading involving FRW under the current framework. The public is urged to avoid such transactions due to serious financial risks and no recourse in case of loss.”
NBR-licensed financial institutions are separately barred from converting FRW into crypto assets or back. The central bank has held this position consistently.
What makes this moment different is timing. Rwanda’s cabinet approved a draft law regulating virtual assets in March 2026, just weeks before Bybit’s launch. The Ministry of Finance and Economic Planning confirmed the draft aligns with Financial Action Task Force standards. Once the law clears the Official Gazette, the Capital Markets Authority and BNR will issue detailed licensing and supervision rules.
Virtual assets, under that draft, are not legal tender. They cannot be used for direct payments unless BNR explicitly authorizes it. The Bybit P2P feature conflicts with exactly that.
Rwanda Drafting Rules, Not Closing the Door
The New Times reported in detail on what the cabinet-approved draft covers: consumer protection, market integrity, and a licensing framework for virtual asset service providers. The law does not ban crypto outright. It puts gatekeeping authority firmly in the hands of CMA and BNR.
Meanwhile, BNR has been running a proof-of-concept for its own e-FRW digital currency. That distinction matters. Rwanda is not against digital value. It is against unregulated foreign platforms handling its currency without authorization.
Carmelle Cadet addressed the frustration some feel at Africa’s pace of crypto adoption. On X, Cadet posted:
“Many are tired of waiting, but African central banks are not joking when it comes to their monetary sovereignty. What you think of that currency and its value compared to the USD is totally irrelevant. Sovereignty is the goal.”
Carmelle Cadet on X put it plainly for those watching the continent’s crypto regulatory moves. The debate around currency value misses the actual point central banks are making.
What Happens Next
Bybit has not responded publicly to BNR’s warning as of publication. The P2P feature listing for RWF remains visible on the platform.
The draft virtual assets law still needs gazette publication before enforcement rules take effect. Until then, BNR is operating under the current framework, which treats any Rwanda Franc crypto conversion or P2P activity as unauthorized.
For Rwandan users who saw Bybit’s announcement and registered, the central bank’s message is that neither the exchange nor the government can compensate for losses on transactions conducted outside the legal framework.
The cabinet’s March 2026 approval signals Rwanda intends to regulate crypto, not eliminate it. But on Bybit’s timeline, that regulation isn’t here yet.
