The National Bank of Rwanda (BNR) has publicly opposed Bybit’s plans to list the Rwandan franc (RWF) on its cryptocurrency exchange, reiterating the country’s ban on digital asset trading. The central bank issued a statement warning financial institutions and the public against engaging with unlicensed crypto platforms, citing risks to financial stability.
Rwanda has maintained a cautious approach to cryptocurrencies since 2019, when the BNR first prohibited regulated entities from processing crypto transactions. Analysts note this latest intervention comes as global crypto exchanges increasingly target African markets. ‘This is part of a broader pattern of African central banks pushing back against offshore platforms,’ said a Nairobi-based fintech analyst who requested anonymity.
Bybit, registered in Dubai, had reportedly begun marketing RWF trading pairs to Rwandan users. Sources close to the matter suggest the exchange may have seen an opportunity following increased peer-to-peer crypto activity in the country. However, officials emphasized that Rwanda’s position remains unchanged. ‘The central bank’s warning makes clear there will be no exceptions to the crypto ban,’ a finance ministry spokesperson told local media.
The development highlights ongoing tensions between crypto adoption and regulatory oversight across emerging markets. While some African nations like Nigeria have taken enforcement actions against exchanges, Rwanda’s approach has been more consistently prohibitive. Market observers suggest this stance may delay but not prevent crypto adoption, given the region’s growing youth population and demand for digital financial services.