Bybit Lists Rwandan Franc on P2P Platform, Triggering BNR Warning

The National Bank of Rwanda (BNR) has publicly cautioned citizens against using the Rwandan Franc (FRW) for cryptocurrency transactions, just two days after global exchange Bybit added FRW to its peer-to-peer (P2P) trading platform without obtaining local regulatory approval. The central bank pointed directly to Bybit's promotional launch, reiterating that crypto assets remain unauthorized under current Rwandan law for payments, currency conversion, or P2P trading activity.

Rwanda has held a restrictive position on private cryptocurrency since 2018, when the BNR first declared digital currencies illegal for domestic use. That stance has gradually evolved. In March 2025, the BNR and the Capital Markets Authority (CMA) jointly released a draft regulatory framework targeting Virtual Asset Service Providers (VASPs). The proposed legislation explicitly bans crypto as legal tender, prohibits mining and mixing operations, and blocks any tokens pegged to the FRW. Rwanda's Cabinet formally approved a comprehensive version of the bill on March 4, 2026, with the Chamber of Deputies passing its general principles on March 31 and committee review still ongoing.

Bybit launched its FRW P2P feature on April 2, offering new-user incentives and merchant commissions, with no mention of regulatory clearance. The announcement also drew attention for featuring an outdated Rwandan national emblem in its promotional materials, raising additional concerns about the exchange's due diligence.

The timing is particularly sensitive given Rwanda's active Central Bank Digital Currency pilot. The BNR completed a proof-of-concept for the e-FRW in February 2026 and is currently running a 12-month domestic pilot ahead of cross-border testing. Unregulated foreign platforms linking the FRW to crypto markets risk undermining that initiative and weakening public confidence in the national currency.

Under the draft law, unlicensed VASP operators face fines reaching 30 million FRW, approximately $21,000, and up to five years imprisonment. Bybit has yet to issue a public response, and how the exchange handles this regulatory pressure could shape how foreign crypto platforms approach the broader East African market going forward.