Rwanda's central bank restated its prohibition on cryptocurrency activity involving the national currency after Bybit introduced support for the Rwandan franc on its peer-to-peer marketplace on Friday, prompting a swift regulatory response. In a statement published Sunday, the Central Bank of Rwanda said crypto-assets are not authorized for payments, conversions involving the franc, or peer-to-peer trading under the current framework.
The central bank warned residents against using such services, citing financial risks and the absence of legal protection in cases of loss. The clarification followed Bybit's announcement that users could buy and sell digital assets using the Rwandan franc through its P2P platform. The National Bank of Rwanda reaffirmed its ban on cryptocurrency use involving the Rwandan franc after Bybit introduced P2P trading support.
The regulatory response highlights the ongoing tension between global crypto exchanges expanding their local currency support and national regulators maintaining strict cryptocurrency policies. This marks another instance of regulatory pushback against major exchanges attempting to integrate local African currencies into their platforms.
