Rwanda Throws Shade at Crypto Like It’s the 90s

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Yes, the National Bank of Rwanda is still saying “no” to crypto. Surprise, surprise.

So, Rwanda’s central bank, apparently the fun police of money, decided to remind everyone that cryptocurrencies are still a big, fat nope. Why now? Because Bybit dared to let people trade in Rwandan francs. The horror. The scandal. I mean, who even thought that was a good idea?

NBR Throws a Fit After Bybit Tries to Be Helpful

National Bank of Rwanda (NBR) basically went, “Listen, pal, you cannot touch the franc with your fancy crypto stuff.” Bybit announced you could trade francs on its platform, and the bank responded like a sitcom dad who just found out the kid threw a party while he was at the store.

On X (because of course), the bank clarified: crypto is not money, can’t pay for anything, can’t trade peer-to-peer, basically can’t exist without their permission. And if you lose money? Don’t even think about suing-they aren’t covering you. Classic.

Just a reminder: the Rwandan Franc (FRW) is still king.

Crypto? Nope. Not allowed for payments, conversions, or P2P trades with FRW. Nada.

Seriously, just don’t. You’ll thank us later… or not.

– Central Bank of Rwanda (@CentralBankRw)

Bybit said, “Hey, buy and sell crypto in francs, it’s easy!” And the regulators were like, “Easy for who? Not on our watch!” Apparently, the franc isn’t ready to share its spotlight.

Rwanda has been suspicious of crypto since 2018. “Digital assets? Illegal. Move along.” But, hey, they’re slowly, painfully, inch by inch, trying to create a “regulated” environment. Progress? Maybe.

Rwanda’s New Crypto Bill: No Fun Allowed

March 2025: draft rules for crypto service providers. Spoiler alert: strict. No crypto as legal tender, limited activities, basically “don’t even think about it.”

By 2026, the Cabinet says, “Fine, here’s the bill.” Parliament wades through it. Still under review. Meanwhile, crypto fans are collectively sighing.

Bill highlights include banning crypto mining, mixer services, and tokens pegged to the franc. But if you’re willing to play by the rules, maybe you get a license. Maybe.

Adoption in Rwanda? Minimal. Chainalysis data confirms-hardly anyone’s bothering. Meanwhile, Nigeria and South Africa are like crypto carnivals by comparison. Rwanda’s approach? Slow, controlled, cautious. Basically the opposite of fun.

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2026-04-06 16:25