- Rwanda's BNR publicly rebuked Bybit after it added FRW to its P2P platform on April 2.
- BNR-licensed institutions are prohibited from converting francs to crypto in either direction.
- Rwanda's draft VASP framework, approved March 4, opens a conditional path for licensed operators.
- The BNR is running a 12-month e-Franc CBDC pilot, signalling preference for state-led digital payments.
The National Bank of Rwanda has publicly rebuked Bybit after the Dubai-based exchange added the Rwandan franc to its peer-to-peer trading platform, reigniting a regulatory standoff between international crypto platforms and one of East Africa’s most restrictive digital asset markets.
The National Bank of Rwanda posted statements on X on April 5, citing Bybit’s promotional materials as the catalyst. The bank reiterated that the franc remains Rwanda’s sole legal tender, that crypto assets do not have payment status under current law, and that BNR-licensed institutions are barred from converting local currency into digital assets in either direction.
Anyone facilitating FRW-linked P2P trades, as a user, merchant, or intermediary, does so with no legal protection and no avenue for recourse in the event of a loss.
Bybit had launched the FRW trading pair on April 2, pairing the franc against Bitcoin and Ether on its P2P market. The rollout included new account bonuses and bi-weekly commissions for merchants willing to facilitate trades. One promotional post was removed after the BNR’s warning appeared. As of April 7, Bybit had not issued a public response.
The National Bank of Rwanda Issues a Warning, Not New Legislation
The BNR’s statement is a reaffirmation of existing policy, not a fresh prohibition. Binance and Remitano have offered franc trading pairs for years with relatively little regulatory friction. Bybit’s high-visibility promotional push appears to have drawn a more pointed reaction from authorities.
What has shifted is the broader policy environment. Rwanda’s Cabinet approved a draft Virtual Asset Service Provider licensing framework prepared by the Capital Markets Authority on March 4, 2026.
The draft keeps crypto outside Rwanda’s payments system, explicitly stating that digital assets are not legal tender, while opening a conditional licensing route for exchanges, wallet providers, and payment processors. Mining operations, mixer services, and franc-pegged tokens remain prohibited under the proposed rules.
Rwanda’s Preferred Digital Path
Rwanda is not retreating from digital payments; it is channeling them through state infrastructure. The BNR has completed a proof-of-concept for an e-Franc and is running a 12-month domestic CBDC pilot. The trajectory is deliberate: centrally issued digital currency rather than private crypto networks operating beyond regulatory reach.
The VASP bill continues to advance in Parliament. Until it is enacted, international exchanges offering FRW pairs operate in legal grey territory, and Rwandan users bear all the risk themselves.
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