07.04.2026 10:41
Global cryptocurrency exchange Bybit announced a P2P service that allows trading cryptocurrencies with the Rwandan Franc. The Central Bank of Rwanda publicly declared the application illegal by responding directly to Bybit's announcement within just two days. Here are the details…
Bybit published an announcement on its official X account on April 3, 2026. The post stated that the Rwandan Franc (FRW) is now active on the Bybit P2P platform, allowing users to buy and sell cryptocurrencies using this currency and earn commissions as merchants every two weeks. The announcement, which was viewed over 103,000 times, garnered significant interest in the crypto community.
HARSH RESPONSE FROM THE CENTRAL BANK
Following Bybit's announcement, the National Bank of Rwanda (NBR) took action. NBR directly quoted Bybit's post, reminding that the Rwandan Franc is the only legal means of payment in the country. The statement emphasized that the use of crypto assets as a means of payment under the current legal framework, the conversion to Rwandan Francs, and any P2P transactions involving FRW are unauthorized. NBR urged its citizens to avoid such transactions, citing serious financial risks and the absence of any legal guarantees to turn to in case of loss. It was also noted that licensed financial institutions are prohibited from converting FRW to crypto assets or vice versa. According to Cointelegraph, a request for comment on the matter was sent to Bybit, but no response has been received from the exchange yet.
TENSIONS BETWEEN BYBIT AND REGULATORS ESCALATE
Bybit's move in Rwanda represents a new chapter in the tensions the exchange has faced with regulatory authorities in different countries. The regulatory body in Turkey, the SPK, considers Bybit's maintenance of Turkish language support and affiliate programs as unlicensed activities. Bybit continues to carry out these activities seamlessly through Turkish influencers.
RWANDA HAS BEEN DISTANT TOWARDS CRYPTO SINCE 2018
Rwanda is not showing a new attitude towards restricting crypto usage. The country has been limiting crypto services since 2018 due to concerns about maintaining monetary sovereignty and oversight over the financial system. According to data from blockchain analysis firm Chainalysis, Rwanda ranked quite low in the crypto adoption rankings for 2024 and 2025; the crypto transaction volume in the country remains extremely limited compared to leading crypto markets in Africa like Nigeria and South Africa. On the other hand, the Rwanda Capital Market Authority published a draft framework in March 2026 to regulate virtual asset service providers. This bill in the legislative process aims to create a regulated operating environment for licensed crypto service providers while prohibiting the use of crypto assets as legal means of payment, crypto mining, mixer services, and tokens pegged to FRW.