Rwanda Central Bank Bars Crypto Conversions
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- National Bank of Rwanda posted on X that the Rwandan franc (FRW) remains the only legal tender and that NBR‑licensed financial institutions are prohibited from converting FRW into crypto‑assets or vice versa.
- Bybit was contacted for comment about the issue but did not receive an immediate response.
- Rwanda is developing a central bank digital currency called the e‑franc rwandais, currently in a proof‑of‑concept stage that may progress to a pilot phase.
- Rwanda has restricted crypto use since 2018 as part of a broader effort to preserve monetary sovereignty.
- Rwanda’s Capital Market Authority released a draft framework in March to regulate virtual asset service providers, promoting “responsible innovation.”
- The bill moving through Rwanda’s legislature seeks to prohibit crypto as legal tender, ban crypto mining, mixer services, and tokens pegged to the FRW, while also providing a licensing pathway for crypto service providers.
- Chainalysis data shows Rwanda ranks low in crypto adoption in Sub‑Saharan Africa between July 2024 and June 2025, receiving only a fraction of the crypto value compared to Nigeria and South Africa.
Why it matters: The prohibition on crypto conversions and the forthcoming bill tighten control over digital assets, preserving the franc’s dominance while limiting unlicensed crypto activity; the licensing pathway opens a regulated market for compliant firms, and low adoption data shows Rwanda’s crypto sector remains small.
