The National Bank of Rwanda (BNR) has issued a definitive warning to the public regarding the rise of social media promotions claiming that the Rwandan Franc (FRW) can be used to buy and sell crypto-assets.
These promotions, which often promise “unusually high returns,” have prompted the central bank to reaffirm that the Rwandan Franc remains the only legal tender in the country.
In the warning, the BNR states that under the current regulatory framework, crypto-assets are not recognized as a means of payment. To enforce this, the central bank has established strict boundaries for both financial institutions and the public. BNR-licensed financial institutions are strictly prohibited from converting Rwandan Francs into crypto-assets or vice versa. Additionally, using cryptocurrencies to purchase goods and services within Rwanda is not permitted. Peer-to-peer (P2P) trading involving the Rwandan Franc, including acting as a merchant or intermediary, is also unauthorized.
A primary concern for the BNR is the high level of risk associated with these digital assets. The bank has warned that, “Until a comprehensive regulatory framework is established, anyone engaging in such transactions does so entirely at their own risk.”
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In Rwanda, the official currency is the Rwandan Franc (RWF), issued by the National Bank of Rwanda. On March 4, 2026, the Cabinet approved a draft law to regulate Virtual Asset Service Providers (VASPs). The law aims to establish clear licensing and supervisory framework for virtual asset businesses, align with anti-money laundering and counter-terrorism financing standards, and introduce controls or restrictions on high-risk activities within the sector.
This recent warning was largely triggered by a high-profile promotional push from the exchange Bybit, which announced on April 2, 2026, that the Rwandan Franc was live on its P2P trading platform, allowing users to buy and sell crypto using francs and to earn commissions as merchants. While other exchanges have offered FRW pairs for years, Bybit’s aggressive marketing prompted a more visible response from Rwandan authorities.
Until the new VASP legislation is fully implemented, the BNR states, “Please be reminded that the Rwandan Franc (FRW) is the only legal tender in Rwanda. Crypto-assets are NOT authorized for payments, FRW conversion, or P2P trading involving FRW under the current framework. The public is urged to avoid such transactions due to serious financial risks and no recourse in case of loss.”
